Analyst Confirms Dogecoin Price Testing 0.786 Fibonacci Resistance Level
The Dogecoin price has been trading sideways around $0.4, targeting a potential upside breakout. This price point corresponds to the 0.786 Fibonacci level, which analysts confirm Dogecoin is testing for a possible rally.
Dogecoin Price Targets 0.786 Fib Breakout
Kevin, a Dogecoin analyst on X (formerly Twitter), has analyzed DOGE price action, identifying a key resistance that could trigger an anticipated rally. Analysts forecast that Dogecoin may be gearing up to hit the $1 ATH following a recent price surge this month.
Factors such as Donald Trump’s win in the U.S. Presidential election, Elon Musk’s D.O.G.E commission, and positive sentiment in the crypto community could drive Dogecoin prices higher. However, the DOGE price remains stuck at $0.4.
Kevin indicated that the $0.4 mark is a crucial resistance level representing the 0.786 Fib. He noted that Dogecoin's price was sharply rejected on November 19 after multiple attempts to breach this level.
Despite optimism for a Dogecoin price surge, Kevin stated that unless it breaks above this resistance “cleanly and violently,” significant price movement is unlikely.
Kevin also highlighted Bitcoin's resistance level, indicating that its next rally will occur upon clearing the $100,000 mark, suggesting the market may remain stagnant until then.
Dogecoin Next Target: Monthly Close Above $0.335
In another X post, Kevin discussed potential downside for Dogecoin if it fails to break the 0.786 Fib resistance. He noted a “nasty triple top” at this level.
A drop to $0.30 is possible if market volatility and uncertainty continue, influenced by selling pressures.
Conversely, Kevin revealed that a significant rally could occur if Dogecoin closes a monthly candle above $0.335 within the next 11 days, marking its highest monthly close ever.
