In his latest Livestream, the cryptographic chartist Kevin failed on the action of the Dogecoin prices, emphasizing both prudence and optimism for the popular piece of memes. Addressing his Youtube audience, Kevin recognized that the history of Dadecoin of dramatic price swings, but stressed that critical technical levels could trigger the next substantial movement.
When will the next big decision by Dogecoin be?
Kevin note The diagram of large Dogecoin retractions followed by new heights on the previous bulls markets. “Look at these movements, right?” Each withdrawal that Dogecoin obtained on the previous Haussier market – 56%, 57%, 53% – all led to new heights, “he said, highlighting the cyclic nature of the room.
He also compared Dogecoin withdrawals from 2022 to what happened in his previous cycles: “In this bullish market so far, Dogecoin had a correction of 65%, he has now had a correction of 58%. We do the same thing we have always done. »»
Despite Dogecoin’s trend to bounce back, Kevin underlined specific threshold levels that must be recapped. “Doge has a mission to accomplish, and it is to return above the macro gold pocket and the weekly support group on the Haussier market, which is now $ 0.30,” he explain. From his point of view: “If Dogecoin begins to close weekly candles above $ 0.30, I have no doubt that we will come back to the macro 0.786 [Fibonacci level] … This level of $ 0.48, then will probably go higher from there. »»
Asked about the current perspectives of Dogecoin, Kevin warned that market conditions – and in particular Bitcoin performance – would have the last word. “Dogecoin will not drive the market; It’s going to go where Bitcoin is going. If Bitcoin remains laterally or dives more, Dogecoin could stop below this $ 0.30 barrier.
His broader thesis is that the cryptography market as a whole, including Dogecoin, is interrupted in a state of anticipation. Kevin believes that the main policy changes – like the end of Quantitative tightening (QT)Improvement of inflation data or interest rate cuts – could be used as a catalyst for another Altcoin rally. Because Dogecoin often closely follows the general feeling around Bitcoin and total market capitalization, wider macro changes would probably dictate its trajectory.
“Nothing has changed in Doge […] At any time, he can go down and take this step at $ 0.20. For the moment, the path of the slightest resistance is down, ”added Kevin. Nevertheless, he stressed that it could suddenly change if the global feeling of the market improves and that Bitcoin begins to rally.
Overall, Kevin stressed that wider market factors, such as changes American monetary policy Or an overall leap in cryptography market confidence – could “return the switch” for Dogecoin. A strong macro-wind wind, he thinks, would probably drag decisively over $ 0.30, preparing the field for a race to $ 0.48.
At the time of the press, DOGE exchanged $ 0.232.
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