Dogecoin’s Upward Momentum: A New Surge in the Crypto Market
Dogecoin is experiencing a significant upward trend as the cryptocurrency market witnesses substantial inflows, particularly in the last 24 hours. This surge in activity has propelled Dogecoin’s value up by approximately 16% within a day, with the $0.40 mark now appearing attainable once more.
Understanding Dogecoin’s Technical Analysis: A Closer Look
Renowned crypto analyst Kevin (@Kev_Capital_TA) provides an insightful technical perspective on Dogecoin. According to Kevin, for Dogecoin to confirm a robust upward trajectory toward new all-time highs, it must first surpass a critical resistance level at around $0.49, known as the “macro golden pocket.”
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The Macro Golden Pocket at $0.49: The Initial Challenge
In a recent analysis shared on X, Kevin emphasized Dogecoin’s crucial resistance levels that must be overcome for the cryptocurrency to embark on a path to new peaks. By leveraging Fibonacci extension levels derived from Dogecoin’s previous bear market low in 2022/2023, Kevin outlined essential price points for bulls, starting with the macro golden pocket at $0.49.
The $0.49 level, identified as the “macro golden pocket,” serves as the first significant barrier that Dogecoin must breach to initiate a bullish breakout. This point represents a vital extension in the Fibonacci sequence, located around the 0.65 level. Notably, the $0.49 mark was the zenith of Dogecoin’s remarkable rally in late 2024. A subsequent rejection at this level led to a correction, which eventually found support at the 0.382 Fibonacci extension.
Currently, Dogecoin is trading at $0.38. A successful breakthrough of the $0.49 barrier would place Dogecoin at its highest value in nearly four years, further fueling bullish momentum and instilling confidence among investors to drive the price upward.
Progressing Towards New All-Time Highs: Key Resistance Levels at $0.53 and $0.59
Kevin also pointed out additional crucial price levels to monitor as Dogecoin attempts to break past the macro golden pocket at $0.49. Following a successful breakout, the next significant resistance is at $0.53, marked by another essential Fibonacci retracement level at 0.703.
Beyond the $0.53 threshold, Dogecoin will encounter what Kevin refers to as the “final boss” at $0.59. This price level is also distinguished by another Fibonacci extension level at 0.76. Historically, this level served as a pivotal point before Dogecoin achieved its current all-time high in 2021. The last time Dogecoin decisively surpassed $0.59 at the 0.76 Fibonacci extension, it rapidly ascended to its all-time high of $0.7316.
Thus, another clear breakthrough above $0.59 could pave the way for Dogecoin to challenge its previous all-time high and venture into unexplored price realms.
At the time of writing, Dogecoin is trading at $0.389, reflecting an increase of 15.5% over the past 24 hours and 23.5% over the previous week.
