The current price of Dogecoin is Trading within a narrow range That’s as analysts assess its next potential move. Technical analysis these days focuses on specific price levels that can influence future movements. They believe that a change in broader cryptocurrency momentum, coupled with a recovery in key Fibonacci levels, could lead to a new, Explosive turnaround for DOGE.
Dogecoin price faces significant test at $0.138
Dogecoin is on a downward trend in recent months as we face continued volatility and market-wide pressures. slow down. DOGE price is still below $0.13 after falling consistently over the past few months, but crypto market analyst Kevin said: outlined Under conditions where the meme coin price will recover quickly and see a strong increase.
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In Tuesday’s X post, Kevin pointed out the $0.138 level: Important areas that must be reclaimed Higher timeframes can be completed in 3 days to 1 week. In his view, such a move would mark a meaningful shift in Dogecoin’s momentum and signal new strength post-financial crisis. Extension of integration period. He also revealed that a recovery would open the door to potential significant price increases for memecoins.
The analyst explained that a return to the $0.138 level would bring Dogecoin back above the key macro-Fibonacci retracement around 0.382. This Fibonacci level has served as an important dividing line between bearish and bullish phases of the market in the past. As a result, a move above that could signal that long-term buyers are regaining control.
Kevin also said: 200 week simple moving average (SMA) Note that on charts, they often act as important support or resistance levels during major trend changes. A decisive move above this important level would confirm analysts’ bullish outlook and suggest that Dogecoin may be approaching that level. end of modification and preparing to transition to a stronger market phase.
Of note, once this structural change occurs, Kevin’s chart points towards the next major liquidity and resistance zone, which is around $0.46.
Dogecoin’s price rise is related to Bitcoin’s momentum
In the attached chart, Kevin shows: Dogecoin is currently trading sideways Within what seems to be the DCA zone. This range reflects a long period of consolidation in which prices failed to make a decisive move in either direction.
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The chart setup suggests that Dogecoin price is likely to make a meaningful breakout. Bitcoin’s new strength. Kevin points out that Bitcoin regaining the $88,000 to $91,000 area could support the overall bullish momentum of the cryptocurrency market and have an impact on the cryptocurrency market. Possibility of Dogecoin price increase.
To move towards this range, the major cryptocurrencies would need to rise around 2-6% from their current price levels. Without that confirmation, analysts believe DOGE could continue to consolidate within its current narrow range.
Featured image created by Dall.E, chart on Tradingview.com
