Dogecoin Price Analysis: Why The Macro Golden Pocket At $0.49 Needs To Be Broken

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Dogecoin is experiencing a surge with rising energy, mirroring a significant influx of funds into the overall crypto market, especially over the last day. This recent influx has resulted in a remarkable 16% jump in Dogecoin’s price over the past 24 hours, suggesting that the $0.40 mark could be attainable once more.

As per an analysis by crypto expert Kevin (@Kev_Capital_TA), for Dogecoin to continue its upward trend towards new record peaks, it must first surpass the $0.49 level which represents a significant resistance zone or potential bullish reversal pattern known as a macro golden pocket.

The Macro Golden Pocket At $0.49: The First Barrier

crypto analyst Kevin recently discussed his analysis on X, emphasizing that for Dogecoin to reach new record highs, it needs to overcome some crucial resistance levels first. By applying Fibonacci extension levels derived from Dogecoin’s previous bear market bottom in 2022/2023, he identified significant price points for potential bullish momentum, starting with the macro golden pocket at approximately $0.49.

Kevin found that $0.49 was the “primary resistance area of opportunity,” a key hurdle Dogecoin needs to surmount initially for an uptrend. This figure is an important expansion point in the Fibonacci tool and falls approximately at the 0.65 Fib level. It’s worth noting that in late 2024, the $0.49 primary resistance area of opportunity marked the peak of Dogecoin’s intriguing surge. Dogecoin’s failure to break through $0.49 led to a downtrend, which later found support at the 0.382 Fib extension level.

Reaching beyond 0.49 dollars would mark a nearly four-year high for Dogecoin, potentially fueling more upward movement and empowering Dogecoin supporters (bulls) to drive the price even further upwards.

Path To New All-Time Highs: Subsequent Resistance Levels At $0.53 And $0.59

crypto expert Kevin points out important price levels to watch once Dogecoin surpasses its major golden pocket at around $0.49. Following this breakout, the next significant resistance can be found at approximately $0.53, which is also a key Fibonacci retracement level at 0.703.

Above $0.53, Dogecoin may encounter a significant challenge or “final hurdle” at $0.59, as Kevin puts it. Remarkably, this price level aligns with another Fibonacci extension level at 0.76. This particular level is notable because Dogecoin surpassed it on its way to the high it reached in 2021. The last time Dogecoin managed to clear $0.59 at the 0.76 Fib extension, it took just a few days for it to hit its all-time high of $0.7316.

As an analyst, I find myself optimistic about the potential of Dogecoin. If it manages to surpass the $0.59 mark again, it could very well aim to break its old record high and venture into unexplored price realms.

As I pen this, I observe that Dogecoin is currently exchanging hands at approximately $0.389. In the last day alone, it has experienced a surge of 15.5%. Over the past week, its growth has been even more impressive, rising by an additional 23.5%.

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2025-01-05 02:41