Analyst Claims Last Chance to Buy Dogecoin at Low Prices

Crypto analyst Kevin (@Kev_Capital_TA) indicates that Dogecoin's current market structure presents a potential buying opportunity for investors at lower prices. Key technical indicators include:

Back test of the macro 0.5 Fibonacci retracement at $0.158
Retest of descending multi-year trend lines
Convergence with the 200-week Simple Moving Average (SMA) and Exponential Moving Average (EMA)
Historically low 3-Day RSI reading

The DOGE/USD weekly chart shows several Fibonacci retracement levels offering support, including:

0.5 Fib at $0.158
0.618 Fib near $0.1157
0.65 Fib around $0.1092
0.70 Fib at $0.097
0.786 Fib near $0.080
1.0 Fib at $0.0942

Resistance levels are identified at:

0.236 Fib near $0.28
Major swing high between $0.47–$0.48

Currently, Dogecoin trades in the $0.16–$0.17 range, testing the broken descending trend line from its 2021 peaks. If it holds this level as support, a bullish outlook may emerge.

Kevin also underscores the significance of the 200-week SMA and EMA, located in the $0.13–$0.17 range, suggesting a favorable risk-to-reward setup for long-term positions. He notes a historically low 3-Day RSI, indicating possible oversold conditions.

From a macroeconomic perspective, he emphasizes the importance of Bitcoin's stability and potential shifts in monetary policy. Despite strong employment data and declining inflation, he perceives ongoing market speculation as detrimental. He argues that the Federal Reserve may pivot towards more accommodative policies soon, attributing recent market sell-offs to external manipulation rather than market fundamentals.

At press time, DOGE is trading at $0.16.