In a recent analysis from cryptocurrency expert Kevin (@Kev_Capital_TA), Dogecoin (DOGE) stands out as an altcoin that is bucking the prevailing market doubts, with technical signals indicating a potential for bullish continuation instead of a downturn.

Dogecoin Maintains a Bullish Outlook

Kevin’s latest update on X emphasizes Dogecoin’s performance relative to its 50 and 200-day simple moving averages (SMA). He remarked, “Dogecoin is continuing to expand rapidly on both the 50 and 200 simple moving averages after the weekly golden cross took place.” This golden cross, a bullish signal characterized by the 50-day SMA crossing above the 200-day SMA, indicates an ongoing upward trend.

Upon looking at the Fibonacci retracement levels, Kevin noted that Dogecoin is “currently above the macro golden pocket at 0.26 cents and is facing resistance at the macro 0.786 level.” The ‘golden pocket’—generally situated between the 0.618 and 0.65 Fibonacci levels—serves as an essential support region. According to Kevin, remaining above this level is a positive sign.

“If you perceive this chart as bearish at this moment, you might want to reassess. I won’t concentrate on specific altcoins too much since BTC will dictate the market’s next moves, regardless of any individual altcoin’s chart. It’s important to remind those who are speaking negatively about the market that it’s amusing we’re at the same price we saw in November when the market was surging. Nothing has radically changed, and market cycle peaks don’t happen when sentiment is predominantly bearish,” Kevin elaborated.

Kevin also highlighted the volatile nature of crypto market sentiments, pointing out stark differences in reactions from past months. “When Dogecoin peaked at 0.35 cents in November, everyone was overwhelmingly bullish. Fast forward to January, and now at the same price, viewers are lamenting and saying they wish they sold long ago. This illustrates how market psychology operates—it’s quite fascinating,” he explained.

Bitcoin’s Influence On The Market

Kevin further addressed the impact of Bitcoin on the larger cryptocurrency market, asserting its crucial role as a leading indicator for altcoins like Dogecoin. He described the recent market response to a crypto executive order from US President Donald Trump as inconsequential in the long term.

“Time and time again, BTC has struggled to break through the 1.703 Fibonacci level at 106.8K. Even though we managed to break out of a bearish falling channel on the daily timeframe, genuine money flow into the asset remains absent; if anything, it has decreased over the last 48 hours. The Trump executive order felt like a typical buy the rumor, sell the news scenario, which is common in this space, making it—at least to me—a non-event,” he articulated.

Despite these setbacks, Kevin exudes optimism regarding Bitcoin’s recovery prospects. “I truly believe we’re experiencing seasonal trends with BTC, as January often proves to be a challenging month, especially in a post-halving year. My view is that the aim should be to frustrate and dishearten as many investors as possible before initiating the next upward surge, which I anticipate will happen within the next 1-3 weeks. Stay tuned!” he predicted.

At the time of this report, DOGE was trading at $0.35.

The post Questioning Dogecoin’s Peak? Here Are Two Reasons It Might Not Be Over Yet appeared first on Crypto Breaking News.

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Filed under: News - @ January 24, 2025 8:07 am