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The recent price action suggests a significant bullish momentum for Dogecoin in the coming days as the overall cryptocurrency market gains momentum. However, some indicators suggest that the next bullish move for the doggy-themed meme coin could be linked to Bitcoin’s price dynamics.
Will Bitcoin Price Move Open the Door for the Next Dogecoin Rally?
As Bitcoin continues to be a dominant force in the cryptocurrency market, its price trajectory could act as a catalyst for broader market trends. Meanwhile, cryptocurrency expert and trader Kevin noted that the possibility of a Dogecoin bullish breakout could largely depend on Bitcoin’s next major price move.
Dogecoin price after 46% collapse
As DOGE is currently consolidating near crucial levels, a strong move from Bitcoin could boost the meme coin’s bullish momentum, leading to a rally. With the market seeing a significant surge in inflows, DOGE could attract the momentum needed to push the price higher, targeting key resistance levels like the $0.40 mark.
Speaking about Dogecoin’s recent price action, Kevin emphasized that Dogecoin and the 0.5 Fibonacci extension on the macro level are fighting a tough battle. While the Fibonacci extension is a major resistance, the expert noted that it is the key to revisiting the golden pocket on the macro level.
Meanwhile, Kevin claims that DOGE’s success in this situation will depend entirely on Bitcoin’s ability to break out of its total gold pocket. This development could spark the meme coin’s long-awaited rally to an all-time high.
It is worth noting that the total gold pocket of Dogecoin is located at the $0.49 level. Kevin claims that this level represents a critical resistance point that must be surpassed before DOGE can continue its journey towards its all-time high.
The $0.49 level is the first of the few levels Kevin pointed out that Doug must break to make a bullish breakout. After overcoming the overall golden pocket at $0.49, the expert confirmed that the next resistance is at $0.53, which is a critical Fibonacci extension point at 0.703.
After breaking the $0.53 level, Kevin confirmed another critical resistance at $0.59, which he called the “final boss,” which is marked by another major Fibonacci extension level at 0.786. If Dogecoin breaks the $0.59 level, Kevin is confident that the next rally could push the meme coin to its all-time high.
Emerging Main Chart Pattern for DOGE Stock$DOGE
After a strong upward move at the beginning of the week, DOGE price has dropped significantly, especially in the last 24 hours. While this decline threatens Dogecoin’s uptrend, it may be short-lived as a bullish formation develops on the 1D chart.
Dogecoin's Strong Breakout From Critical Pattern Ignites Momentum For Potential Upside
Looking at the daily chart, crypto expert Trader Tardigrade pointed to an emerging cup-and-handle formation, a technical pattern that often precedes a rally. Once the pattern fully develops and DOGE breaks out to the upside, it could lead to a bullish wave for the meme coin to higher levels.
