Analyst Confirms Dogecoin Price Test Of 0.786 Fibonacci Level, What Happens Next?

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As a seasoned crypto investor with a penchant for meme coins, I find myself intrigued by the current state of Dogecoin. Kevin, the analyst who’s been my go-to source on all things DOGE, has once again shed some light on the price action. The $0.4 mark, as we know, is a critical resistance level that Dogecoin keeps testing but can’t seem to conquer.

Over the last few days, Dogecoin‘s price movement has been horizontal, or rather, it has been holding steady. It seems to be gathering strength near the $0.4 value, aiming for an upward breakout. Interestingly, this $0.4 level corresponds to the 0.786 Fibonacci retracement level. An analyst suggests that Dogecoin keeps revisiting this price point to trigger a surge in its value.

Dogecoin Price Targets 0.786 Fib Breakout

On platform X (previously known as Twitter), Kevin, a Dogecoin expert, has posted his analysis on Dogecoin’s price movement, emphasizing a significant barrier that could spark the anticipated upward trend of the meme currency. With the recent spike in Dogecoin’s value this month, numerous analysts predict that the meme coin is preparing to reach its all-time high of $1.

Certain analysts believe that factors such as Donald Trump’s election victory in the U.S., Elon Musk’s Dogecoin-related initiatives, and a surge of optimism within the cryptocurrency market could serve as significant catalysts for Dogecoin’s price, potentially pushing it to record highs. However, despite this generally positive outlook, the Dogecoin price has been stuck in a holding pattern, finding it difficult to surpass the $0.4 mark.

Kevin has disclosed that the $0.4 mark is a crucial resistance level for Dogecoin, representing the 0.786 Fib. He highlighted that the Dogecoin price has been testing this critical Fibonacci level but was sharply rejected on November 19. This price rejection is also among several failed attempts in the past few days, as Dogecoin has repeatedly tested this crucial level. 

As an analyst, I find myself cautiously optimistic about Dogecoin’s potential price surge. However, as Kevin rightfully points out, for us to truly anticipate significant price action or be excessively enthusiastic about a potential rally, the meme coin must convincingly breach this critical resistance level forcefully and decisively. Absent such a move, there seems little basis for investors to hope for substantial price movement.

The Dogecoin analyst also highlighted a critical resistance level for the Bitcoin price. Kevin has revealed that Bitcoin’s next upside rally will occur once it clears the resistance level at $100,000. The analyst suggests that the market will likely move slowly and remain relatively uneventful until the pioneer meme coin can break past this crucial milestone. 

Dogecoin Next Target: Monthly Close Above $0.335

In a previous post, Kevin highlighted potential issues for Dogecoin’s price if it can’t surpass the 0.786 Fibonacci resistance point. He pointed out that the Dogecoin chart suggests a “harsh triple peak” at the larger 0.786 Fibonacci level.

It’s quite likely, according to Kevin’s prediction, that Dogecoin will fall to around $0.30 due to ongoing volatility and market instability. This potential drop might be initiated by high selling activity and a decrease in bullish enthusiasm.

Instead, the analyst suggests that Dogecoin might experience its next major surge if it manages to finish the upcoming month with a closing price above $0.335 within the next 11 days. Kevin points out that this would be a noteworthy achievement, as it would set a new record for Dogecoin’s highest monthly candle close ever.

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2024-11-21 06:04