Dogecoin Price Targets 0.786 Fib Breakout

The Dogecoin price has been trading sideways for the past few days, consolidating around the $0.4 mark as it targets a breakout to the upside.

Dogecoin price has stalled in its tracks over the past few days, consolidating around the $0.4 price point as it eyes a breakout to the upside.

This $0.4 price point is represented by the 0.786 Fibonacci level, which an analyst has confirmed that DOGE continues to test in order to witness a price rally.

Dogecoin Price Targets 0.786 Fib Breakout

A Dogecoin analyst on X (formerly Twitter) by the name of Kevin has shared his analysis of the DOGE price action, highlighting a key resistance point that could catalyze the meme coin’s anticipated rally.

Considering the recent surge in the Dogecoin price this month, many analysts have forecasted that the meme coin is preparing to hit the $1 ATH.

Some of these analysts have also suggested that factors such as Donald Trump’s win in the U.S. Presidential election, Elon Musk’s D.O.G.E commission, and growing positive sentiment in the crypto community, could become the critical drivers for the Dogecoin price, pushing it to new highs.

Despite this bullish sentiment, the DOGE price continues to trade sideways, struggling to break through the $0.4 price.

According to Kevin, the $0.4 price point marks a crucial resistance level for Dogecoin, representing the 0.786 Fib.

He highlighted that the Dogecoin price has been testing this critical Fibonacci level but was sharply rejected on November 19.

This price rejection is also among several failed attempts in the past few days, as Dogecoin has repeatedly tested this crucial level.

While the optimism for a Dogecoin price surge is high, Kevin has stated that unless the meme coin can break above this crucial resistance level “cleanly and violently,” there’s no reason for investors to expect any major price movement or get overly excited about a potential rally.

The Dogecoin analyst also highlighted a critical resistance level for the Bitcoin price.

According to Kevin, Bitcoin’s next upside rally will occur once it clears the resistance level at $100,000.

The analyst suggests that the market will likely move slowly and remain relatively uneventful until the pioneer meme coin can break past this crucial milestone.

Dogecoin Next Target: Monthly Close Above $0.335

In another X post, Kevin outlined the downside target for the Dogecoin price if it fails to break the 0.786 Fib resistance level.

He revealed that the DOGE price action, via its chart, showcases a “nasty triple top” at the macro 0.786 Fib level.

Highlighting this triple top formation, Kevin has predicted that a drop to the $0.30 mark is highly possible for Dogecoin if volatility and market uncertainty persist.

This decline could also be triggered by selling pressures and a lack of bullish momentum.

Conversely, the analyst has revealed that the next big rally for Dogecoin could be seen if the meme coin can close a monthly candle above $0.335 in the next 11 days.

According to Kevin, achieving this feat would be a significant milestone, marking Dogecoin’s highest monthly candle close of all time.