Dogecoin Breakout Coming? Analyst Identifies Key Price Level
Analyst Kevin (@kev_capital_ta) highlights key thresholds on Dogecoin’s daily chart in the latest technical breakdown released on X. According to Kevin, the weekly recoup of $0.28 area and then showing clear follow-up could put Dogecoin on the road to retesting its history.
he notes: “Go back to the 0.28 cent level on Dogecoin on weekly closed and performing, my thinking process was when we attacked the high point soon after. I’ve been trading combinations (separated from the long-term bags) at Patreon’s Doge on allocated .25 cents. Get the result ready. Let’s put this thing higher.”
When will the dog’s correction end?
The chart highlights a well-known metric called Bitcoin Bull Market that supports bands, which is applied here to Dogecoin, which consists of a 20-week simple moving average (SMA) and a 21-week exponential moving average (EMA) . Although the indicator was originally developed for Bitcoin, many analysts have expanded it to AltCoins to determine whether the broader trend is bullish or bearish. In Dogecoin Current settingsthe band hovers in the range of $0.282–$0.286. Last week’s price fell below its key resistance zone between $0.27 and $0.29.
Related Readings
In addition to price levels, Kevin pointed out two momentum studies. On the Daily Relative Strength Index (RSI), the yellow line has exceeded its accompanying moving average, indicating that bearish pressure may be easing. RSI hovers around 38, above the significant support area around 27 years old. It is worth noting that the yellow RSI line is now higher than its pink moving average (MA) line again. Kevin believes that if you continue to buy, this may be an early sign of a shift in mood.
Another important technical feature is the MACD (Moving Average Convergence Difference), which is close to bullish crossovers. The MACD line is approaching the signal line, and if such crossover is confirmed, it may create positive motivation for Dogecoin. Kevin tagged it as “Daily Bullish MACD Cross” and, if confirmed, will further increase the bullish outlook.
Related Readings
In the larger plan, the chart highlights that a company closes $0.28 per week as a key catalyst. This level is consistent with bull market support bands, and if recycled decisively, can accelerate Dogecoin’s push toward $0.30 or above midway, offering a wider price Market conditions Stay beneficial.
Kevin explained in another post: “I’ve been talking about it for a few weeks and the rest illustrates its season. We’re in the main correctional period. These periods happen in the market in case you Never noticed. Encryption is very driven by the macroscopic, especially Altcoins. If we want to feel good about this market, we want to keep these levels at the total market capitalization, otherwise the corrections can be more in-depth. At the same time, relaxed. It will eventually get billions of dollars in liquidity on BTC. ”
At press time, Doge traded at $0.25.
Featured Images created with dall.e, Charts for TradingView.com
