Dogecoin starts to attack with upward momentum as the entire crypto market begins to receive notable inflowsespecially in the last 24 hours. This notable increase in inflows has seen the price of Dogecoin surge by around 16% over the past 24 hours and the $0.40 price level now appears within reach once again.
According to the technical outlook of crypto analyst Kevin (@Kev_Capital_TA), Dogecoin needs to clear a golden macro pocket around $0.49 in order to validate a stronger rise towards new all-time highs.
The Macro Golden Pocket at $0.49: the first barrier
Kevin, crypto analyst recently shared his ideas on X, highlighting critical resistance levels in Dogecoin that must be cleared before the cryptocurrency can embark on a journey to new all-time highs. With the use of Fibonacci extension levels projected from Dogecoin’s previous 2022/2023 bear market low, Kevin has mapped the major bull price levels, starting with the golden macro pocket at $0.49 .
Kevin identified $0.49 as the “golden macro pocket,” the first major resistance zone that Dogecoin must conquer to initiate a bullish breakout. This level represents a significant extension point of the Fibonacci indicator and is located around 0.65 Fib. Interestingly, the $0.49 macro gold pocket served as a summit of Dogecoin’s intriguing rally in late 2024. Dogecoin’s rejection to $0.49 triggered a correction, which eventually rebounded to the 0.382 Fib extension level.
Crossing $0.49 would put Dogecoin at its highest price in almost four years. This would undoubtedly provide the strength for further upward momentum and give Dogecoin bulls the confidence to push the price higher.
Path to new all-time highs: subsequent resistance levels at $0.53 and $0.59
Cryptocurrency analyst Kevin also highlighted the key price points to watch for when Dogecoin eventually rises above the golden macro pocket at $0.49. After a breakout at $0.49, the next critical resistance lies at $0.53, marked by another key Fibonacci retracement level at 0.703.
Beyond $0.53, Dogecoin will face what Kevin described as the “final boss” at $0.59. Interestingly, this price level is also marked by another Fib extension level at 0.76. This level holds historical significance as a threshold before Dogecoin hits its current all-time high in 2021. The last time Dogecoin made a clear breakout above $0.59 at the 0 Fib Extension, 76, it only took a few days for it to reach its all-time high. a high of $0.7316.
With this in mind, another clear break above $0.59 would pave the way for Dogecoin to challenge its previous all-time high and explore uncharted price territory.
At the time of writing, Dogecoin is trading at $0.389 and is up 15.5% and 23.5% over the past 24 hours and seven days, respectively.
Featured image from Pixabay, chart from TradingView
