Emily Walker
Crypto expert Kevin Capital has shared his thoughts on Dogecoin’s recent price trends, pinpointing the $0.41 mark as a critical level for the popular meme cryptocurrency.
Critical $0.41 Level as Dogecoin Exits Falling Wedge
In a post on X, Kevin Capital stated that Dogecoin has closed a daily candle outside of the falling wedge pattern. He noted that the cryptocurrency is currently facing resistance at the daily super trend and the macro .786 Fibonacci level, which is just above at $0.41. While he acknowledged there’s still much to address, he considers this movement a positive development.
Moreover, Kevin Capital pointed out that Dogecoin’s future movements will largely depend on Bitcoin’s price behavior. He expressed concerns regarding Bitcoin’s inability to break through its falling channel, warning that if Bitcoin faces rejection at its current level, it could negatively impact Dogecoin’s setup.
Earlier, the analyst cautioned against excessive optimism around Dogecoin’s price fluctuations in response to Bitcoin’s actions. He advised traders to stay “modestly cautious” regarding Bitcoin’s price structure until it surpasses the $104,000 threshold and breaks the patterns of lower highs.
He emphasized the importance of not allowing bullish sentiment to dominate the market prematurely, indicating that while Dogecoin is showing signs of a bullish reversal, it is not yet completely free of challenges.
Potential Rally to $1 for DOGE
In another post, crypto analyst Mikybull Crypto shared a positive outlook, suggesting that Dogecoin is likely to reach $1. His analysis included a chart indicating that the meme coin could not only meet this target but exceed it, possibly hitting $1.10. This anticipated rise is expected to commence once Dogecoin escapes from the consolidation triangle identified by Mikybull Crypto.
Additionally, projections from CoinCodex’s machine learning algorithm suggest that a rally to $1 could occur as early as March. Analyst Master Kenobi even speculated that Donald Trump’s inauguration might trigger a price surge for Dogecoin as it targets the $1 level.
Meanwhile, large Dogecoin holders are preparing for this potential price increase, with reports of significant accumulation—200 million DOGE purchased in the last two days, as indicated by crypto analyst Ali Martinez.
As of now, Dogecoin is trading at approximately $0.39, reflecting a rise of over 4% within the last 24 hours, based on CoinMarketCap data.