Crypto analyst Kevin Capital provided an overview of the current price action of Dogecoin. As part of his analysis, he highlighted the $0.41 price level as the next important level for the top meme coin.
$0.41, the next important level as Dogecoin closes outside the descending wedge pattern
In a MessageKevin Capital revealed that Dogecoin officially closed a daily candle outside the descending wedge channel. The analyst further noted that the meme coin is now fighting against the daily super trend and then the 0.786 Fib macro level, which sits just above $0.41. He noted that there was still much work to be done, but that this represented a solid development.
Beyond this evolution, Kevin Capital mentioned that Dogecoin’s next move will depend on further developments in the price of Bitcoin. The crypto analyst appeared cautious as he noted that Bitcoin has still not broken its descending channel. As such, he noted that if BTC were rejected at its current level, DOGE’s current setup could fail.
The crypto analyst previously warned against excessive optimism about Dogecoin’s current price action in relation to Bitcoin’s movement. He advised market participants to remain “modestly cautious” about the price structure of BTC until the flagship crypto allows trading. $104,000 level and breaks the lower and upper structure.
The crypto analyst further explained that he just doesn’t want the market to become too optimistic when there is still a lot of work to be done. Along the same lines, he suggested that Dogecoin is not out of the woods yet, although the meme coin is already showing signs of a bullish reversal.
DOGE to $1 seems imminent
In a post Mikybull Crypto provided a bullish outlook for Dogecoin price. He said DOGE at $1 looks great. The accompanying chart shows that the top meme coin could meet this highly anticipated price target and even surpass it, hitting $1.10. This rally towards the $1 target is expected to begin as soon as Dogecoin breaks out of the consolidation triangle highlighted by Mikybull Crypto.
CoinCodex machine learning algorithm also predicted that Dogecoin price rise to $1 could happen as soon as March. Meanwhile, crypto analyst Master Kenobi is optimistic that Donald Trump’s inauguration could be the catalyst that triggers a price rally for the leading coin, even as it targets the $1 target.
Dogecoin Whales also seem to be anticipating this price surge as they have accumulated millions of coins. Crypto analyst Ali Martinez revealed that these investors purchased 200 million DOGE in the last 48 hours.
At the time of writing, Dogecoin price is trading at around $0.39, up over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com