Dogecoin's price has traded sideways for the past few days, consolidating around the $0.40 mark as it aims for a breakout in an upward direction. This $0.40 price level is represented by the Fibonacci 0.786, and an analyst confirmed that Dogecoin continues to test to witness a price increase.
Dogecoin price target is 0.786 Fib Breakout
Kevin, a Dogecoin analyst on X (formerly Twitter), shared his analysis of DOGE's price action, highlighting an important resistance point that could drive the anticipated price increase of this meme coin. With Dogecoin's recent price increase this month, many analysts have predicted that this meme coin is gearing up to reach an ATH of $1.
Some of these analysts also believe that factors such as Donald Trump's victory in the U.S. presidential election, Elon Musk's DOGE commission, and the increasingly positive sentiment in the cryptocurrency community could become significant drivers for Dogecoin's price, pushing it to new highs. Despite this bullish sentiment, the DOGE price continues to trade sideways, struggling to surpass the $0.40 price level.
Kevin revealed that the $0.40 mark is a crucial resistance level for Dogecoin, representing Fib 0.786. He emphasized that the price of Dogecoin has tested this important Fibonacci level but was strongly rejected on November 19. This rejection price is also among several failed attempts in recent days, as Dogecoin has repeatedly tested this important threshold.
Although optimism about Dogecoin's price increase is very high, Kevin stated that unless this meme coin can break through this important resistance level "cleanly and strongly", there is no reason for investors to expect any significant price volatility or get too excited about a potential price increase.
The Dogecoin analyst also emphasized an important resistance level for Bitcoin's price. Kevin revealed that the next price increase for Bitcoin will occur when it surpasses the $100,000 resistance level. The analyst suggests that the market is likely to move slowly and relatively without volatility until this pioneering meme coin can surpass this critical threshold.
Dogecoin's next target: Close monthly above $0.335
In another post on X, Kevin explained Dogecoin's price reduction goal if it fails to break the Fib resistance level of 0.786. He revealed that the DOGE price, through its chart, is showing a "bad triple top" at the macro Fib level of 0.786.
Kevin predicted that Dogecoin could potentially drop to $0.30 if market volatility and instability continue. This decline could also be triggered by selling pressure and a lack of upward momentum.
Conversely, the analyst revealed that Dogecoin's next major price increase could occur if this meme coin can close the monthly candle above $0.335 in the next 11 days. Kevin stated that achieving this feat would be a significant milestone, marking Dogecoin's highest monthly closing ever.
