Think Dogecoin Has Topped Out? Two Factors That Say ‘No Way’

Share This Post

In an analysis provided by crypto analyst Kevin (@Kev_Capital_TA), Dogecoin (DOGE) emerges as an altcoin defying current market skepticism, with technical indicators suggesting a bullish continuation rather than a peak.

Dogecoin Is Still Bullish

Kevin’s latest post on X highlights Dogecoin’s performance against its 50 and 200-day simple moving averages (SMA). “Dogecoin is still seeing fast expansion on the 50 and 200 simple moving averages after its weekly golden cross occurred,” he noted. This golden cross, a bullish indicator where the 50-day SMA crosses above the 200-day SMA, suggests sustained upward momentum.

Further examining the Fibonacci retracement levels, Kevin pointed out that Dogecoin is “above the macro golden pocket at .26 cents and is battling the macro .786.” The ‘golden pocket’—typically located between the 0.618 and 0.65 Fibonacci levels—is often considered a crucial support zone. Kevin argues that maintaining a price above this level is bullish.

Dogecoin price analysis

“If you think this chart is bearish in its current spot then you need some help. Not gonna focus on individual altcoins very much because BTC will determine the next move in the market no matter what your altcoin chart looks like but needed to remind people who are bad mouthing how crazy they look when we’re at the same price we were at in November when the market was rallying hard. Nothing has changed and cycle tops don’t occur when everyone is bearish,” Kevin expounded.

Kevin further illustrated the erratic nature of crypto market sentiment, contrasting reactions from November and January. “When Dogecoin was hitting .35 cents in November, everyone was screaming to the hills that they were so bullish. DOGE at .35 cents in January, everyone is screaming that Doge sucks, I should have sold this thing a long time ago. Do you see how market psychology works? Pretty interesting,” he detailed.

Bitcoin Needs To Move First

Kevin also discussed Bitcoin’s influence on the broader crypto market, emphasizing its role as a leading indicator for altcoins like Dogecoin. He labeled yesterday’s market reaction to the crypto executive order by US President Donald Trump as a non-impactful in the long run.

“BTC time and time again has failed to break the 1.703 FIB at 106.8K. Even though we broke out of this bullish falling channel on the daily time frame, we have failed to see any real money flow come into the asset if anything it has been decreasing over the last 48 hours. The Trump executive order was an obvious buy the rumor, sell the news event like all events are, so to me, that was always a nothing burger,” he elaborated.

Despite these challenges, Kevin remains optimistic about Bitcoin’s potential for recovery. “I still think we’re experiencing seasonality in BTC as January’s are always really bad months, especially in the post halving year. I believe the goal should be to demoralize and anger as many investors as possible before starting the next leg higher, which should come within the next 1-3 weeks. Stay tuned!” he predicts.

At press time, DOGE traded at $0.35.

Dogecoin price

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Faces Persistent Resistance at $100K, Analyst Eyes Next Step

Weeks after hitting an all-time high above $109,000, Bitcoin’s price remains under pressure It is currently trading below the $100,000 mark, an 114% decrease from its peak The crypto asset’s

Bitcoin Mining’s Power Brokers: A Deep Dive Into the Top 15 Companies and Their Financial Architects

Institutional investors now hold pivotal stakes in 15 major cryptocurrency mining firms, with asset managers like Vanguard, Blackrock, and Fidelity steering ownership across an increasingly

Federal Reserve Chair Backs Bitcoin As ‘Digital Gold’—A Turning Point For Crypto?

Despite the challenging macroeconomic environment, Federal Reserve chairman Jerome Powell has revised his stance on Bitcoin, which has given investors cautious hope for cryptocurrencies Comparing

Ethereum Price Recovery: Analyst Predicts Blow Off Top To $3,300 In One Week, Here’s Why

The Ethereum price is showing strong signs of a potential breakout, as an analyst predicts a surge to $3,300 in just one week This forecast shows Ethereum’s projected successful breach of a key

Metaplanet Expands Bitcoin Holdings With Additional Purchase of 269.43 BTC

Metaplanet announced on Monday that it has acquired an additional 26943 BTC, valued at approximately $264 million (¥4 billion) This latest purchase brings the company’s total holdings to

XRP trading booms on US exchanges as ETF speculation heats up

The demand for XRP exceeds that of other crypto on US-based exchanges, with trading volumes surging significantly since November, according to a recent Kaiko report The report highlighted XRP growth