Think Dogecoin Has Topped Out? Two Factors That Say ‘No Way’

In an evaluation offered by crypto analyst Kevin (@Kev_Capital_TA), Dogecoin (DOGE) emerges as an altcoin defying present market skepticism, with technical indicators suggesting a bullish continuation somewhat than a peak.

Dogecoin Is Nonetheless Bullish

Kevin’s newest publish on X highlights Dogecoin’s efficiency in opposition to its 50 and 200-day easy transferring averages (SMA). “Dogecoin remains to be seeing quick growth on the 50 and 200 easy transferring averages after its weekly golden cross occurred,” he famous. This golden cross, a bullish indicator the place the 50-day SMA crosses above the 200-day SMA, suggests sustained upward momentum.

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Additional inspecting the Fibonacci retracement ranges, Kevin identified that Dogecoin is “above the macro golden pocket at .26 cents and is battling the macro .786.” The ‘golden pocket’—sometimes positioned between the 0.618 and 0.65 Fibonacci ranges—is usually thought-about a vital assist zone. Kevin argues that sustaining a value above this stage is bullish.

“If you happen to suppose this chart is bearish in its present spot you then want some assist. Not gonna give attention to particular person altcoins very a lot as a result of BTC will decide the following transfer available in the market it doesn’t matter what your altcoin chart seems to be like however wanted to remind people who find themselves unhealthy mouthing how loopy they appear once we’re on the identical value we had been at in November when the market was rallying laborious. Nothing has modified and cycle tops don’t happen when everyone seems to be bearish,” Kevin expounded.

Kevin additional illustrated the erratic nature of crypto market sentiment, contrasting reactions from November and January. “When Dogecoin was hitting .35 cents in November, everybody was screaming to the hills that they had been so bullish. DOGE at .35 cents in January, everyone seems to be screaming that Doge sucks, I ought to have offered this factor a very long time in the past. Do you see how market psychology works? Fairly attention-grabbing,” he detailed.

Bitcoin Wants To Transfer First

Kevin additionally mentioned Bitcoin’s affect on the broader crypto market, emphasizing its function as a number one indicator for altcoins like Dogecoin. He labeled yesterday’s market response to the crypto govt order by US President Donald Trump as a non-impactful in the long term.

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“BTC time and time once more has failed to interrupt the 1.703 FIB at 106.8K. Though we broke out of this bullish falling channel on the every day timeframe, we’ve didn’t see any actual cash circulation come into the asset if something it has been lowering during the last 48 hours. The Trump govt order was an apparent purchase the rumor, promote the information occasion like all occasions are, so to me, that was at all times a nothing burger,” he elaborated.

Regardless of these challenges, Kevin stays optimistic about Bitcoin’s potential for restoration. “I nonetheless suppose we’re experiencing seasonality in BTC as January’s are at all times actually unhealthy months, particularly within the publish halving yr. I consider the aim must be to demoralize and anger as many buyers as potential earlier than beginning the following leg greater, which ought to come throughout the subsequent 1-3 weeks. Keep tuned!” he predicts.

At press time, DOGE traded at $0.35.

Featured picture created with DALL.E, chart from TradingView.com