Think Dogecoin Has Topped Out? Two Factors That Say ‘No Way’
In an analysis provided by crypto analyst Kevin (@Kev_Capital_TA), Dogecoin (DOGE) emerges as an altcoin defying current market skepticism, with technical indicators suggesting a bullish continuation rather than a peak. Dogecoin Is Still Bullish Kevin’s latest post on X highlights Dogecoin’s performance against its 50 and 200-day simple moving averages (SMA). “Dogecoin is still seeing fast expansion on the 50 and 200 simple moving averages after its weekly golden cross occurred,” he noted. This golden cross, a bullish indicator where the 50-day SMA crosses above the 200-day SMA, suggests sustained upward momentum. Further examining the Fibonacci retracement levels, Kevin pointed out that Dogecoin is “above the macro golden pocket at .26 cents and is battling the macro .786.” The ‘golden pocket’—typically located between the 0.618 and 0.65 Fibonacci levels—is often considered a crucial support zone. Kevin argues that maintaining a price above this level is bullish. Dogecoin price analysis, 1-week chart | Source: X @Kev_Capital_TA“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 further 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 Needs To Move First Kevin also discussed Bitcoin’s influence on the broader crypto market, emphasizing its role as a leading indicator for altcoins like Dogecoin. He labeled yesterday’s market reaction to the crypto executive order by US President Donald Trump as a non-impactful in the long run. “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. Despite these challenges, Kevin remains optimistic about Bitcoin’s potential for recovery. “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. DOGE breakout is still on hold, 4-hour chart | Source: DOGEUSDT on Tradingview.comFeatured image created with DALL.E, chart from TradingView.com Jake Simmons Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons. Disclaimer: The information found on NewsBTC is for educational purposes only. 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