Dogecoin started Attack with upward momentum When the entire cryptocurrency market starts Get noticeable flowsEspecially in the last 24 hours. This notable increase in flow has seen the price of Dogecoin in particular rise by around 16% over the past 24 hours and the $0.40 price level now appears to be within reach again.
According to the technical forecast of cryptocurrency analyst Kevin (@Kev_Capital_TA), Dogecoin needs to clear a large gold pocket of around $0.49 in order to validate a stronger bullish move to new all-time highs.
Total Gold Pocket at $0.49: The first barrier
Cryptoanalyst Kevin He recently shared his thoughts on Using projected Fibonacci extension levels from the previous low of the 2022/2023 Dogecoin bear market, Kevin identified key price points for bulls, starting with an overall pocket of gold at $0.49.
Kevin identified $0.49 as the “total golden pocket,” the first major resistance area that Dogecoin must overcome to initiate a bullish breakout. This level represents an important extension point in the Fibonacci indicator and is located around the 0.65 Fibonacci level. Interestingly, the total gold pocket is worth $0.49 As a climax From Dogecoin’s interesting rally in late 2024. Dogecoin’s rejection at $0.49 initiated a correction, which eventually rebounded at the 0.382 Fibonacci extension level.
A breakout of $0.49 would put Dogecoin at its highest price point in nearly four years. This, in turn, will undoubtedly provide strength for further upward momentum and give Dogecoin bulls the confidence to push the price higher.
The path to all-time highs: subsequent resistance levels at $0.53 and $0.59
Cryptocurrency analyst Kevin also highlighted key price points to watch when Dogecoin eventually breaks above the overall gold pocket at $0.49. After the breakout at $0.49, the next critical resistance lies at $0.53, which features another major Fibonacci retracement level at 0.703.
After surpassing $0.53, Dogecoin will face what Kevin described as a “final boss” at $0.59. Interestingly, this price point also features another Fibonacci extension level at 0.76. This level holds historical significance as a threshold before Dogecoin reaches its all-time high in 2021. The last time Dogecoin made a clean breakout above $0.59 at a 0.76 fib extension, it only took a few days for it to reach its all-time high . High $0.7316.
With this in mind, Another clean break above $0.59 This would pave the way for Dogecoin to challenge its previous all-time high and explore uncharted price territory.
At the time of writing, Dogecoin is trading at $0.389 and has risen 15.5% and 23.5% in the past 24 hours and seven days respectively.
Featured image from Pixabay, chart from TradingView