The recent price action indicates significant upward momentum Dogecoin In the coming days as the overall cryptocurrency market gains traction. However, some indicators show that the dog-themed meme’s next upward movement may be linked to Bitcoin price dynamics.
Will Bitcoin Price Action Unlock Dogecoin’s Next Boom?
Since Bitcoin remains a dominant force in the cryptocurrency market, its price trajectory may serve as a catalyst for broader market trends. Meanwhile, cryptocurrency expert and trader Kevin He pointed out The potential for a bullish breakout for Dogecoin may depend largely on Bitcoin’s next major price movement.
Considering that DOGE is currently holding near crucial levels, this is a strong move Bitcoin It could enhance the memecoin’s upward momentum, leading to a rally. With market experience a Noticeable increase in flowsDOGE may attract the necessary momentum for prices to rise, targeting key resistance levels such as the $0.40 mark.
Delving into Dogecoin’s recent price action, Kevin highlighted that Dogecoin and the 0.5 Fibonacci macro extension are locked in a fierce battle. While the Fibonacci extension represents significant resistance, the expert pointed out that it is the key to reconsidering the overall golden pocket.
Meanwhile, Kevin asserts that DOGE’s success in this case will depend entirely on Bitcoin’s ability to emerge from its total gold pocket. This development could trigger the long-awaited rise of the meme coin to a new level New all-time high.
It should be noted that the total gold pocket of Dogecoin is located at the level of $0.49. Kevin Claims The level represents a critical resistance point that must be cleared before DOGE can continue its journey towards a new all-time high.
The $0.49 point is the first crucial resistance area among the few levels that Kevin pointed out that DOGE must break to make a bullish breakout. After overcoming the $0.49 total golden pocket, the expert highlighted that the next resistance lies at $0.53, a level that represents the crucial Fibonacci extension point at 0.703.
After breaking out from the $0.53 mark, Kevin confirmed another critical resistance at $0.59, which he described as the “final boss,” marked by another major Fibonacci extension level at 0.786. If Dogecoin breaks the $0.59 level, Kevin is confident that the next rally could push the price Same angle To a new all-time high.
Emerging major chart pattern for DOGE
After the strong upward movement at the beginning of the week. Doji price It has decreased significantly, especially in the last 24 hours. While this decline threatens Dogecoin’s uptrend, it may be short-lived as a bullish pattern develops on the 1D chart.
Looking at the one-dimensional chart, Trader Tardigrade, a cryptocurrency expert, has done just that quote An emerging cup formation with a handle, a technical pattern that often precedes a rally. Once the pattern has fully developed and Doug A bullish breakout could lead to a bullish wave for the memecoin to higher levels.
Featured image from Unsplash, chart from Tradingview.com
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