Recent price movements point to a significant increase in the Dogecoin in the coming days as the mainstream crypto market gains momentum. However, some indications show that the next rise in the character of the dog-themed meme may be linked to the volatility of the price of Bitcoin.
Is Bitcoin Price Action Setting Up Dogecoin’s Next Surge?
As Bitcoin continues to dominate the crypto market, its price may act as a catalyst for broader market trends. Meanwhile, crypto expert and trader Kevin has he revealed that Dogecoin’s potential for a bullish breakout may be highly dependent on Bitcoin’s next price movement.
Given that DOGE is currently settling near key levels, it’s a strong move Bitcoin it may reinforce the higher pressure of the meme character, leading to an increase. As the market faces a a significant increase in penetrationThe DOGE may attract the necessary bullish momentum, targeting key resistance levels such as the $0.40 mark.
Delving into Dogecoin’s recent price action, Kevin emphasized that Dogecoin and the 0.5 macro Fibonacci extension are facing an uphill battle. While the Fibonacci extension shows great resistance, the expert noted that it is the key to revisit the big gold pocket.
Meanwhile, Kevin argues that DOGE’s success in this situation will depend entirely on the capacity of Bitcoin to come out of the big gold package. The development may trigger the much-anticipated meeting of the meme character in a new for all time.
It is worth noting that the Dogecoin macro gold packet is set at the level of $0.49. Kevin claims that the level marks a key resistance point that must be cleared before DOGE continues its journey to a new all-time high.
The $0.49 point is the first important resistance point at several levels that Kevin mentioned that DOGE must break in order to shine. After overcoming the big gold pocket at $0.49, the expert highlighted that the next resistance remains at $0.53, the level that represents the key Fibonacci extension point of 0.703.
After breaking out of the $0.53 mark, Kevin emphasized another critical resistance at $0.59, which he calls “the last boss,” marked by another key Fibonacci extension level at 0.786. If Dogecoin breaks the $0.59 level, Kevin is confident that the next rally could be stressful meme coin at a new all-time high.
A Key Chart Pattern Is Emerging for the DOGE
After a strong rise earlier in the week, DOGE price has dropped significantly, especially in the last 24 hours. Although this decline threatens Dogecoin’s rise, it may be temporary as a bullish formation develops on the 1D chart.
If you look at the 1d chart, Trader Tardigrade, a crypto expert, has it identified An emerging cup with a Handle pattern, a technical pattern that usually precedes an uptrend. If the pattern develops fully again THE DOGE breaks upward, it may initiate a bullish wave of the meme character to higher levels.
Featured image from Unsplash, chart from Tradingview.com