Altcoins
“Dogecoin Looks Much Stronger Than Most Altcoins” and May Continue to “Golden Pocket” at $0.26, Trader Says
June 10, 2024 07:34 am | 2 minute read
Despite That of Dogecoin (CRYPTO: DOGE) 10% Weekly Drop, Top Crypto Trader Sees Bullish Chart Pattern Omens stronger price trend.
What happened: Cryptocurrency trader Kevin shared his optimistic outlook on Dogecoin, highlighting the meme coin’s resilience compared to other altcoins during a prolonged market crash.
On the weekly chart, he highlighted the importance of Dogecoin maintaining its position above the .382 Macro Fibonacci retracement level and the blue support zone. He suggested that if these levels hold, Dogecoin could continue to rise into the Golden Pocket range of $0.26 to $0.33.
He added: “Let’s keep this as simple as possible. Dogecoin looks much stronger than most Altcoins during this massive bleed-out period that has lasted more than 3 months.”
In another tweet on June 9, Kevin noticed that the 12D timeframe Gaussian channel, which has never failed, “just turned green on Dogecoin for the first time since December 2020, indicating that a potentially strong uptrend is on the cards in the coming months.”
Because matter: Kevin’s analysis comes at a time when the cryptocurrency market is experiencing significant volatility, with many altcoins experiencing substantial declines in value.
Last week, most meme coins such as Dogecoin, Shiba Inu, Pepe, Dogwifhat, and Bonk reported declines between 8% and 20%.
The focus on key support and resistance levels, such as the .382 Macro Fibonacci Retracement and the Golden Pocket, gives traders specific targets to keep an eye on. This type of detailed analysis can help investors make more informed decisions in a highly volatile market.
Data from IntoTheBlock found a decline in DOGE holders’ profits to current levels of 83% to 80%.
Price Action: Over the past 24 hours, DOGE has traded down 0.5%.
What’s next: The influence of meme coins and Bitcoin as an institutional asset class it is expected to be explored in depth at Benzinga’s next event The future of digital assets event on November 19th.
Image: Shutterstock
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