Dogecoin’s Upward Momentum: Breaking Through the Macro Golden Pocket
Dogecoin is starting to attack with upward momentum as the entire crypto market starts to receive notable inflows, especially in the last 24 hours. This notable increase in inflow has seen Dogecoin’s price particularly surging by about 16% in the past 24 hours and the $0.40 price level now seems within reach again.
The Macro Golden Pocket at $0.49: The First Barrier
Crypto analyst Kevin recently shared his insights on X, highlighting Dogecoin’s critical resistance levels that must be cleared before the cryptocurrency can embark on a journey toward new all-time highs. With the use of Fibonacci extension levels projected from Dogecoin’s previous bear market low in 2022/2023, Kevin mapped out key price points for bulls, starting with the macro golden pocket at $0.49.
Kevin identified $0.49 as the “macro golden pocket,” the first major resistance zone Dogecoin must conquer to initiate a bullish breakout. This level represents a significant extension point in the Fibonacci indicator and sits around the 0.65 Fib. Interestingly, the $0.49 macro golden pocket served as the peak of Dogecoin’s intriguing rally in late 2024. Dogecoin’s rejection at $0.49 kicked off a correction, which eventually rebounded at the 0.382 Fib extension level.
Breaking Through the Macro Golden Pocket
Breaking through $0.49 would put Dogecoin at its highest price point in almost four years. This in turn 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
Crypto analyst Kevin also highlighted key price points to keep an eye on when Dogecoin eventually breaks above the macro golden pocket at $0.49. Following 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 point is also marked by another Fib extension level at 0.76. This level holds historical significance as a threshold before Dogecoin reached its current all-time high in 2021. The last time Dogecoin made a clean break above $0.59 at the 0.76 Fib extension, it took only a few days for it to reach its all-time high of $0.7316.
Conclusion
In conclusion, Dogecoin’s upward momentum is gaining strength, and the cryptocurrency is poised to break through the macro golden pocket at $0.49. With subsequent resistance levels at $0.53 and $0.59, Dogecoin bulls will be keeping a close eye on these key price points. If Dogecoin can clear these hurdles, it may pave the way for a journey toward new all-time highs.
FAQs
Q: What is the macro golden pocket at $0.49?
A: The macro golden pocket at $0.49 is the first major resistance zone Dogecoin must conquer to initiate a bullish breakout. This level represents a significant extension point in the Fibonacci indicator and sits around the 0.65 Fib.
Q: What are the subsequent resistance levels for Dogecoin?
A: The subsequent resistance levels for Dogecoin are $0.53 and $0.59. $0.53 is marked by another key Fibonacci retracement level at 0.703, and $0.59 is marked by another Fib extension level at 0.76.
Q: What is the significance of the $0.59 level?
A: The $0.59 level holds historical significance as a threshold before Dogecoin reached its current all-time high in 2021. The last time Dogecoin made a clean break above $0.59 at the 0.76 Fib extension, it took only a few days for it to reach its all-time high of $0.7316.
Q: What is the current price of Dogecoin?
A: At the time of writing, Dogecoin is trading at $0.389 and is up by 15.5% and 23.5% in the past 24 hours and seven days, respectively.
