Top analysts Altcoin Sherpa and Rekt Capital have shared insights on DOGE’s price action and potential future movements. Their analyses suggest a period of consolidation may precede an upward trend for the meme coin.
Altcoin Sherpa’s Fibonacci Focus
Altcoin Sherpa has highlighted the reliability of Fibonacci retracement levels in predicting DOGE’s price movements. The analyst noted, “These fibs have been perfect so far in terms of bottoms and pullbacks.” However, Sherpa remains cautious about declaring a definitive bottom.
$DOGE: these fibs have been perfect so far in terms of bottoms and pullbacks. To be determined if that was 'the' bottom, I think that we likely pull back sometime soon and consolidate a bit. Would love to see a few weeks of chop before a stronger move up again. pic.twitter.com/m7YAbxNCWP
— Altcoin Sherpa (@AltcoinSherpa) July 23, 2024
The trader expects a near-term pullback and consolidation phase for DOGE. “Would love to see a few weeks of chop before a stronger move up again,” Sherpa added. This perspective aligns with typical market behavior following price surges.
Dogecoin’s Chart Analysis Reveals Key Levels
A closer look at the chart shared by Altcoin Sherpa reveals intriguing details. DOGE recently tested the 0.618 Fibonacci level at approximately $0.12240 before bouncing back. At press time, the meme coin trades at $0.135 according to CoinGecko’s data.
The volume analysis shows increased buying interest during the recent price surge. However, as DOGE approaches the 0.5 Fibonacci level, volume has tapered off. This suggests a potential consolidation phase, supporting Sherpa’s prediction.
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Rekt Capital’s Macro Perspective
Rekt Capital offers a broader view of DOGE’s market structure. The analyst points out that Dogecoin broke its macro downtrend months ago. Since then, DOGE has been retesting this former resistance as new support.
“Successful retest here would fully confirm the end of the Macro Downtrend and the beginning of a new Macro Uptrend,” Rekt Capital stated. This observation suggests a potential shift in DOGE’s long-term trajectory.
Hence, per Sherpa’s chart, if a pullback occurs, buying opportunities may emerge near lower Fibonacci levels. Conversely, a break above the 0.5 Fibonacci level with increased volume could signal continued bullish momentum.
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