Analyst Warns Dogecoin Must Reclaim Key Level Now

pattern dating back to 2022, where Dogecoin has bounced five times after the weekly RSI dropped below 40 following a breakout. The broader decision zone for long-term price direction is outlined by Kevin as being within the $0.143 to $0.127 range.

A failure to maintain this range alongside a weekly RSI breakdown would signal a shift towards bearish price action. On the other hand, preserving support within this zone has historically preceded bullish continuations for the cryptocurrency.

Kevin emphasized that the crucial level that Dogecoin must reclaim to restore its bullish structure is closely tied to Bitcoin’s price action. Specifically, a DOGE recovery above $0.138 would likely coincide with Bitcoin reclaiming the $88,000 to $91,000 range.

However, Kevin expressed caution about Bitcoin’s current technical setup. Bitcoin has faced rejection from key four-hour moving averages nine times since October 12, and has not closed a day above these averages since mid-September. At the time of writing, Bitcoin trades at around $87,696, indicating a 2.38% decline over the last 24 hours.

In conclusion, analysts are closely monitoring Dogecoin’s price movements as it hovers near a crucial support level of $0.13. The pivotal price point that Dogecoin must reclaim to restore its bullish structure is identified as $0.138, as highlighted by technical analyst Kevin. Reclaiming this level requires confirmation through sustained three-day and weekly closes, rather than brief intraday movements, to mark a significant positive shift in the asset’s technical outlook.

Furthermore, a failure to maintain support within the broader $0.143 to $0.127 range, alongside a weekly RSI breakdown, could signal a shift towards bearish price action for Dogecoin. Ultimately, the trajectory of Dogecoin’s near-term movement is intricately linked to Bitcoin’s price action, with a DOGE recovery above $0.138 likely coinciding with Bitcoin reclaiming the $88,000 to $91,000 range. Analysts caution that Bitcoin’s current technical setup raises concerns, as it has been repeatedly rejected from key four-hour moving averages since October 12, indicating potential challenges ahead.