8 hour ago
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Dogecoin Needs to Reclaim $0.138 for Positive Momentum
Key Insights on Dogecoin (DOGE) Trading:
- Dogecoin is currently trading around $0.13.
- The critical level for DOGE, as identified by analyst Kevin, is $0.138. Reclaiming this level on three-day and weekly closes could signal a positive shift in the market structure.
- A close above $0.138 aligns with key technical indicators such as the macro 0.382 Fibonacci retracement and the 200-week simple moving average (SMA).
- Kevin emphasizes the importance of higher-timeframe closes over intraday movements for structural integrity.
- Bitcoin's performance is crucial for DOGE's ability to reclaim the $0.138 level. A successful DOGE move would likely coincide with Bitcoin reclaiming the $88,000–$91,000 zone.
Bitcoin's Influence and Current Status:
- Bitcoin has faced resistance at its key 4-hour moving averages multiple times since October, preventing upward momentum.
- A confirmation of a Bitcoin bottom requires reclaiming these moving averages and the $88,000–$91,000 zone on higher timeframes.
Long-term Considerations for DOGE:
- The $0.143–$0.127 range is crucial for determining DOGE's long-term trend.
- Repeated bounces from the weekly RSI below 40 have historically supported DOGE's price.
- Failure at these levels could indicate longer-term bearish trends.
