The Dogecoin price is currently trading within a tight range as analysts evaluate its next potential move. Recent technical analysis has focused on specific price levels that could influence future movement. They suggest that a shift in broader crypto momentum, combined with a crucial Fibonacci level reclaim, may set the stage for a renewed, explosive upside for DOGE.
Dogecoin has been trending downwards for months now, as it faces pressure from ongoing volatility and an overall market slowdown. Although DOGE’s price remains below $0.13 after declining consistently over the past few months, crypto market analyst Kevin has outlined conditions under which the meme coin’s price could recover and see a strong upside soon. In an X post on Tuesday, Kevin pointed to the $0.138 level as a critical area that must be reclaimed on a strong higher time frame three-day to one week closes.
According to his view, such a move would mark a meaningful shift in Dogecoin’s momentum and signal renewed strength after an extended period of consolidation. He also disclosed that a recovery would open the door to a potentially massive price rally for the meme coin. The analyst explained that reclaiming the $0.138 level would place Dogecoin back above a key macro Fibonacci retracement around 0.382.
This Fibonacci level has acted as an important dividing line between bearish and bullish market phases in the past. As a result, a move above it could suggest that long-term buyers are regaining control. Kevin also emphasized the significance of the 200-week Simple Moving Average (SMA) on the chart, noting that it often serves as a key support or resistance level during significant trend changes.
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