Dogecoin Nears a Critical Moment
Renowned analyst Kevin (@Kev_Capital_TA) recently shared his latest technical analysis on X, highlighting a key price level in Dogecoinās daily chart. According to him, a weekly close above $0.28 could set the stage for a retest of DOGEās all-time highs.
š "If DOGE reclaims $0.28 at the weekly close and confirms the breakout, I believe we will attack new highs shortly after," Kevin stated.
š He also revealed that he added a long position at $0.25 and is prepared for both potential outcomesāeither a breakout to higher levels or a possible retracement.
Is the Dogecoin Correction Coming to an End?
š Kevin's analysis focuses on the Bitcoin Bull Market Support Band, an indicator originally designed for Bitcoin, but frequently applied to altcoins as well. This metric consists of the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).
š¹ For Dogecoin, this range sits between $0.282ā$0.286.
š¹ Last week, DOGE dropped below this zone and is now facing strong resistance between $0.27 and $0.29.
In addition to price levels, Kevin highlights two key momentum indicators:
š Relative Strength Index (RSI)
ā
RSI suggests a possible easing of bearish pressure, as the yellow line has crossed its moving average.
ā
RSI is at 38, near a significant support level around 27.
š MACD (Moving Average Convergence Divergence)
š¹ The MACD indicator is approaching a bullish crossover, which could generate positive momentum for DOGEās price.
š¹ Kevin refers to this as "Pending Daily Bullish MACD Cross," which, if confirmed, could reinforce the bullish outlook.
Whatās Next for Dogecoin?
š Kevin emphasizes that a solid weekly close above $0.28 is crucial. If DOGE manages to hold above this level, it could accelerate upward toward $0.30 and beyond.
From a broader perspective, Kevin notes that the market is still in a corrective phase, with altcoins being strongly influenced by macroeconomic factors.
š¹ "We are in a major correction period, which is normal for the market. If we hold key levels in total market capitalization, we could see a return to bullish momentum. Otherwise, the correction may deepen," Kevin warned.
š° At the time of writing, DOGE was trading at $0.27, with the market anticipating either a decisive breakout or another corrective move. š
#DOGE ,
#memecoin ,
#MemeCoinMarket ,
#Dogecoinā¬ā© ,
#CryptoAnalysis Stay one step ahead ā follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.ā