Dogecoin’s price is currently stuck between two important technical levels: the “golden pocket” and the 0.5 Fibonacci retracement. This means it’s neither going up nor down significantly.
Bitcoin’s Big Influence
Interestingly, a crypto analyst, Kevin (@Kev_Capital_TA), says Dogecoin’s price isn’t really driven by its own actions, but by Bitcoin’s performance. Since Bitcoin is the biggest cryptocurrency, its mood heavily influences other cryptos, including Dogecoin. They’re closely linked; when Bitcoin goes up, Dogecoin usually follows, and vice versa (unless it’s a special “altcoin season”). Data shows a strong correlation between their prices.
Technical Analysis and the Golden Pocket
Dogecoin’s price is bouncing around between the golden pocket (a range between the 61.8% and 65% retracement levels) and the 0.5 Fibonacci level. These are key areas in technical analysis that often act as support or resistance. A break above or below these levels could signal a big price move.
Waiting for the Next Rally
Dogecoin hasn’t seen the same explosive growth it experienced in October and November (a 400%+ increase!). That bullish feeling has faded, and the price is hovering around $0.40. Bitcoin’s inability to break through $100,000 is also holding Dogecoin back.
Despite the current standstill, analysts remain positive. Social media sentiment is still bullish, and technical analysis suggests more growth is possible. One analyst even said the cycle isn’t over and expects Dogecoin to rise soon.
Current Prices
At the time of writing:
- Dogecoin is at $0.404, down 3.5% in the last 24 hours.
- Bitcoin is at $99,800, down 0.8% in the last 24 hours.
