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In an evaluation offered by crypto analyst Kevin (@Kev_Capital_TA), Dogecoin (DOGE) emerges as an altcoin defying present market skepticism, with technical indicators suggesting a bullish continuation somewhat than a peak.
Dogecoin Is Nonetheless Bullish
Kevin’s newest publish on X highlights Dogecoin’s efficiency in opposition to its 50 and 200-day easy shifting averages (SMA). “Dogecoin is still seeing fast expansion on the 50 and 200 simple moving averages after its weekly golden cross occurred,” he famous. This golden cross, a bullish indicator the place the 50-day SMA crosses above the 200-day SMA, suggests sustained upward momentum.
Associated Studying
Additional inspecting the Fibonacci retracement ranges, Kevin identified that Dogecoin is “above the macro golden pocket at .26 cents and is battling the macro .786.” The ‘golden pocket’—usually situated between the 0.618 and 0.65 Fibonacci ranges—is usually thought of an important help zone. Kevin argues that sustaining a worth above this stage is bullish.
“If you think this chart is bearish in its current spot then you need some help. Not gonna focus on individual altcoins very much because BTC will determine the next move in the market no matter what your altcoin chart looks like but needed to remind people who are bad mouthing how crazy they look when we’re at the same price we were at in November when the market was rallying hard. Nothing has changed and cycle tops don’t occur when everyone is bearish,” Kevin expounded.
Kevin additional illustrated the erratic nature of crypto market sentiment, contrasting reactions from November and January. “When Dogecoin was hitting .35 cents in November, everyone was screaming to the hills that they were so bullish. DOGE at .35 cents in January, everyone is screaming that Doge sucks, I should have sold this thing a long time ago. Do you see how market psychology works? Pretty interesting,” he detailed.
Bitcoin Wants To Transfer First
Kevin additionally mentioned Bitcoin’s affect on the broader crypto market, emphasizing its position as a number one indicator for altcoins like Dogecoin. He labeled yesterday’s market response to the crypto government order by US President Donald Trump as a non-impactful in the long term.
Associated Studying
“BTC time and time again has failed to break the 1.703 FIB at 106.8K. Even though we broke out of this bullish falling channel on the daily time frame, we have failed to see any real money flow come into the asset if anything it has been decreasing over the last 48 hours. The Trump executive order was an obvious buy the rumor, sell the news event like all events are, so to me, that was always a nothing burger,” he elaborated.
Regardless of these challenges, Kevin stays optimistic about Bitcoin’s potential for restoration. “I still think we’re experiencing seasonality in BTC as January’s are always really bad months, especially in the post halving year. I believe the goal should be to demoralize and anger as many investors as possible before starting the next leg higher, which should come within the next 1-3 weeks. Stay tuned!” he predicts.
At press time, DOGE traded at $0.35.
Featured picture created with DALL.E, chart from TradingView.com
