The post Dogecoin Price Fails Break Above Macro Pocket Amid Bearish Developments appeared on BitcoinEthereumNews.com.

Dogecoin’s latest price movement has stalled at a critical resistance level, preventing a bullish breakout above $0.28. As such, the meme coin is now back to battling to hold above support at $0.25. Interestingly, technical analysis shows that this recent rejection at $0.28 has caused a failed predicted breakout above technical indicators.  Particularly, crypto analyst Kevin (@Kev_Capital_TA) pointed out on social media platform X that Dogecoin has failed to reclaim the macro golden pocket and the weekly bull market support band, leading to bearish developments. Dogecoin Rejected At Macro Resistance, Weakens Bullish Outlook Dogecoin has been on an extended retracement from $0.48 for the past eight weeks. This extended retracement was further highlighted by a break below $0.3 at the beginning of February until it reached a low around $0.22 on February 3. Despite this heavy retracement, there were still bullish outlooks, especially as Dogecoin started to trend upwards immediately after. However, recent price action in the past three days has seen Dogecoin rejecting again and failing to break above technical indicators to cause a bullish sentiment. According to technical analysis by Kevin (@Kev_Capital_TA), the Dogecoin price has rejected on the 3-day candlestick timeframe chart. This rejection caused DOGE’s failure to reclaim the macro golden pocket and the weekly bull market support band. DOGE’s failure to reclaim macro golden pocket | Source: Kevin on X The golden pocket is a notable Fibonacci retracement zone that often dictates whether an asset continues higher or faces rejection. In this case, Dogecoin’s failure to hold above this level suggests that buying momentum is currently weak.  Without a clear breakout above the macro golden pocket and the weekly bull market support band, Dogecoin could continue to range between $0.22 and $0.28 without any clear upward breakout. Bitcoin Holds The Key As Altcoins Struggle Kevin…

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Filed under: News - @ February 19, 2025 5:15 am