Dogecoin Trading Near $0.198, Analyst Predicts Potential Breakout This Month
Dogecoin is currently trading at approximately $0.198, which is nearly 20% below its late-March high but remains within an eleven-month upward trend. Analyst VisionPulsed suggests that June may mark a potential price increase for Dogecoin.
Key Points
- The analyst believes upward movement should begin in early June, indicating a possible bullish phase.
- Dogecoin recently closed above the 0.618 Fibonacci retracement level from December 2024.
- Bitcoin is near its all-time high at around $109,500, and Ethereum has reached a twelve-month high above $2,790.
- The S&P Small-Cap 600 index has seen its strongest five-day performance since March, suggesting positive market conditions.
- Hash-ribbon signals on Bitcoin turned positive two weeks ago, historically signaling renewed demand for risk assets.
- A critical 70-day cyclical window from Dogecoin’s April low indicates a necessary bullish movement by mid-June.
- Dogecoin's performance is linked to the ETH/BTC pair and Bitcoin dominance; both factors must shift positively for Dogecoin's price to rise significantly.
- Three price milestones are crucial:
- A close above $0.23 indicates a break of a descending trend line.
- $0.30 is identified as the euphoric price point for broader interest.
- Potential adjustment for significant movement could slide to $0.27 if progress is delayed.
- Market sentiment will be clearer within the next two weeks regarding Dogecoin's ability to surpass $0.23 and reach $0.30.
At the time of reporting, DOGE was trading at $0.197.
