In simpler terms, it appears that Dogecoin‘s price could increase significantly in the near future due to its positive trend. This is because the overall cryptocurrency market is picking up speed. Yet, some signs suggest that any further growth in Dogecoin might be linked to fluctuations in Bitcoin‘s price.
Will Bitcoin’s Price Action Unlock Dogecoin’s Next Surge?
In the realm of cryptocurrencies, Bitcoin’s influence over the market remains significant as its price fluctuations could spur wider market trends. Notably, crypto analyst and investor Kevin suggests that Dogecoin’s possibility for a bullish surge might hinge on Bitcoin’s impending crucial price shift.
If Bitcoin shows significant strength right now, it could boost Dogecoin’s ongoing upward trend, potentially causing a price spike. With a growing number of investors pouring into the market, Dogecoin might gather enough momentum for a price increase, aiming to break through important resistance levels like $0.40.
Examining the current trend of Dogecoin’s price fluctuations, Kevin pointed out an intense struggle between Dogecoin and the 0.5 Fibonacci extension level. Although the Fibonacci extension serves as a notable resistance point, it is crucial for overcoming this barrier to potentially revisit the significant macro bullish zone or “golden pocket.
In this context, Kevin argues that whether or not DOGE achieves success depends solely on Bitcoin’s ability to break out of its long-term price range (often referred to as a “macro golden pocket”). If it does, this event could potentially trigger the highly expected surge for DOGE, bringing it to yet another record high.
It’s important to mention that the significant long-term resistance for Dogecoin lies around $0.49. According to Kevin, this level is crucial because if Dogecoin can break through it, it may pave the way for a new record high.
In simpler terms, the price point of $0.49 is an important barrier for DOGE to break past if it’s aiming for a bullish rise. Overcoming this significant resistance level, according to Kevin, will lead to further potential growth towards the next obstacle at $0.53. This $0.53 level holds significance as it represents a key Fibonacci extension point of 0.703.
After surpassing the $0.53 point, Kevin has emphasized another significant resistance at $0.59, referring to it as the “final challenge.” He notes that this level coincides with another key Fibonacci extension point at 0.786. If Dogecoin manages to breach the $0.59 barrier, Kevin is optimistic that the next upward surge could potentially take the meme coin to a fresh record high.
Key Chart Pattern Emerging For DOGE
After an impressive surge at the beginning of the week, I’ve noticed that Dogecoin’s price has taken a significant nosedive, particularly within the last 24 hours. This sudden plunge could potentially disrupt Dogecoin’s upward momentum, but it might just be temporary as a bullish pattern is starting to emerge on the daily chart, suggesting a potential rebound.
Examining the one-dimensional graph, the crypto specialist Trader Tardigrade has pointed out a developing Cup with Handle formation – a technical pattern that typically signals an increase is imminent. When this pattern completes and Dogecoin (DOGE) experiences an upward breakout, it could initiate a bullish trend for the meme coin, propelling it to higher values.
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2025-01-09 00:11