Dogecoin Faces Potential Decline as Analyst Sets Target at $0.119
Dogecoin's price decline persists, with analyst Kevin (@Kev_Capital_TA) indicating further downside may be imminent. He cites a Head and Shoulders pattern nearing its target of $0.119, which aligns with critical technical support levels.
Key Insights
- The measured move target for Dogecoin is set at $0.119.
- A “must-hold” zone is identified between $0.1434 and $0.1265.
- A sustained drop below this zone could signal a macro bearish trend for Dogecoin.
- Kevin links Dogecoin's performance to Bitcoin and the wider altcoin market, currently in a weak state.
- Bitcoin dominance remains high due to ongoing restrictive monetary policy, affecting altcoin performance.
- Critical levels for Bitcoin are $106.8K and for Ethereum, $2700-2800.
- Traders should monitor whether Dogecoin stabilizes above $0.1265, as a failure could lead to deeper corrections.
