Analyst Confirms Dogecoin Price Test Of 0.786 Fibonacci Level, What Happens Next?
Dogecoin price is sideways trading Over the past few days, it has aimed to consolidate around $0.4 Breakout. This $0.4 price point is represented by the 0.786 Fibonacci level, and analysts have confirmed that Dogecoin will continue to test this level to witness a price increase.
Dogecoin Price Target 0.786 Fib Breakout
Kevin, Dogecoin Analyst at X (ex-Twitter), shared His analysis of DOGE price action highlights key resistance points that could catalyze memecoin price increases Anticipated rally. Given the recent surge in Dogecoin prices this month, many analysts are predicting that the meme coin will Getting ready to hit $1 ATH.
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Some of these analysts also stated that factors such as donald trump’s victory In the U.S. presidential election, Elon Musk’s DOGE Commissions, along with growing positivity in the crypto community, could become key drivers of Dogecoin’s price, pushing it to new highs. Despite this bullish sentiment, DOGE price continues to trade sideways, struggling to break above the $0.4 price level.
Kevin revealed $0.4 mark It is the key resistance level for Dogecoin and represents 0.786 Fib. He highlighted that Dogecoin price has been testing this key Fibonacci level, but the price has risen sharply rejected November 19th. This price rejection is also one of several failed attempts over the past few days, as Dogecoin has tested this key level multiple times.
Although optimism Dogecoin Price Surges Kevin said that unless the meme token can break through this key resistance level “cleanly and hard,” investors have no reason to expect any major price movement or get overly excited about the price. potential rebound.
Dogecoin analysts also highlighted key resistance levels for Bitcoin price. Kevin revealed that once Bitcoin clears out, the next upward rally will occur. Resistance is $100,000. Analysts say the market is likely to plod along and remain relatively calm until the vanguard meme coin is able to break through this key milestone.
Dogecoin’s next target: monthly close above $0.335
in another X postsKevin explains the downside targets for Dogecoin price if it fails to break above the 0.786 Fib resistance. Looking at the chart, he revealed that DOGE price was exhibiting a “nasty triple top” at the macro 0.786 Fib level at the moment.
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Kevin predicted that if volatility and market uncertainty persist, Dogecoin is likely to fall to the $0.30 mark. This decline may also be caused by selling pressure and a lack of bullish momentum.
Instead, analysts have disclose If Dogecoin is able to close the monthly candle above $0.335 within the next 11 days, the next major rise in Dogecoin is within sight. Kevin stated that achieving this feat would be an important milestone and mark Dogecoin’s crowning achievement. Monthly Candle Close Price ever.
Featured image created using Dall.E, chart from Tradingview.com
