Think Dogecoin Has Topped Out? Two Factors That Say ‘No Way’
In analysis provided by crypto analyst Kevin (@Kev_Capital_TA), Dogecoin (DOGE) emerges as an altcoin that challenges current market skepticism, with technical indicators pointing to bullish continuation rather than a peak.
Dogecoin remains bullish
Kevin’s latest work postal on X highlights Dogecoin’s performance relative to the 50-day and 200-day simple moving averages (SMA). He noted: “Dogecoin is still expanding rapidly above the 50 and 200 simple moving averages after the weekly golden cross.” This golden crossis a bullish indicator, with the 50-day moving average breaking above the 200-day moving average, indicating continued upward momentum.
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Looking further into the Fibonacci retracement levels, Kevin noted that Dogecoin is “above a macro gold pocket of 0.26 cents and is competing with a macro gold pocket of 0.786 cents.” The “golden pocket” – typically located between the 0.618 and 0.65 Fibonacci levels – is often considered a key support area. Kevin believes that sustaining prices above this level is bullish.
“If you think this chart is bearish right now, then you need some help. Don’t focus too much on individual altcoins because no matter what your altcoin chart looks like, Bitcoin will determine where the market goes next, but those who Badmouthers, how crazy they looked when we were at the same price in November and the market rallied hard when everyone was bearish, nothing had changed and the cycle top wasn’t going to happen,” Kevin explained. .
Kevin elaborates further Cryptocurrency market sentimentcomparing responses in November and January. “When Dogecoin hit 0.35 cents in November, everyone was screaming they were so bullish. In January DOGE was at 0.35 cents and everyone was screaming Doge sucks, I should have sold long ago This stuff. You know how market psychology works? It’s very interesting,” he elaborated.
Bitcoin needs to act first
Kevin also discussed Bitcoin’s impact on the broader crypto market, highlighting its role as a leading indicator for altcoins like Dogecoin. he label Yesterday’s market reaction to US President Donald Trump’s executive order on cryptocurrencies has no long-term impact.
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“Time and again, BTC has failed to break above the 1.703 FIB of 106.8K. Although we broke out of this bullish descending channel on the daily time frame, we did not see any real inflows into the asset (if there was any decrease over the past 48 hours “Trump’s executive order is clearly buying rumors and selling news events, like all events, so it’s always been an empty burger to me,” he explained.
Despite these challenges, Kevin remains optimistic about Bitcoin’s recovery potential. “I still think BTC is experiencing seasonality as January is always a very bad month, especially in Year after halving. I think the goal should be to get as many investors demoralized and angry as possible before the next leg up begins, which should happen within the next 1-3 weeks. stay tuned! ” he predicted.
At press time, DOGE was trading at $0.35.
Featured image created using DALL.E, chart from TradingView.com
