Dogecoin Faces Critical Resistance at $0.26261 According to Analyst
Dogecoin is currently facing significant resistance in the $0.24–$0.26 range, as noted by crypto analyst The Great Mattsby. This resistance is attributed to a confluence of technical factors, including:
- The 0.618 Fibonacci retracement level from the 2021 peak to the 2022 low at $0.26261.
- The Ichimoku Cloud's conversion line around $0.2512.
- Clustered simple moving averages near $0.2464 and $0.2453.
The analyst highlights the potential for an upside continuation if Dogecoin clears these resistance levels. Key points include:
- A breakout past ~$0.2937 (Ichimoku Leading Span B) could signal momentum expansion.
- Potential hurdles above the 0.618 level include Fibonacci levels at 0.702 (~$0.3298), 0.786 (~$0.4142), and 0.886 (~$0.5432).
- Support zones are identified at Leading Span A (~$0.2348) and the Base Line (~$0.2184).
Mattsby suggests accumulation in the $0.22–$0.24 zone, with the expectation of high-level consolidation until a decisive breakout occurs.
At the time of analysis, Dogecoin was trading at $0.25671.
