The crypto market’s a bit shaky right now, and Dogecoin (DOGE) is feeling the heat. Many are wondering if it’s time to sell. One analyst, “The Charting Guy,” shared his plan, using Fibonacci levels as his guide.
The Charting Guy’s Dogecoin Sell Strategy
The Charting Guy’s strategy centers around Fibonacci retracement and extension levels. He’s looking at these levels to figure out when to sell his DOGE.
His plan: If DOGE climbs to the 0.702 or 0.786 Fibonacci level (around $0.43-$0.42) in the next few months and can’t break through, he’s selling most of his holdings. He aims to lock in profits before things potentially get worse.
He believes DOGE might bottom out soon, peaking around late April or early May. He’ll likely sell near that peak, anticipating a significant drop by March 2025.
Potential DOGE Price Targets (Based on Fibonacci Levels)
The Charting Guy shared a chart showing various Fibonacci levels:
If DOGE breaks through the 0.702 resistance level:
- It could climb to higher levels: 0.618 ($0.26), 0.786 ($0.42), 0.888 ($0.55), 1 ($0.76), 1.272 ($1.60), 1.414 ($2.36), and even 1.618 ($4.1) (the most optimistic target).
If DOGE fails to break through the 0.702 level:
- It could fall to lower support levels: 0.382 ($0.139), 0.236 ($0.09), 0.136 ($0.07), and 0 ($0.0491).
However, he’s not waiting for a potential rise to $1. He’ll likely sell between $0.32 and $0.42 to secure profits.
A Weakening Outlook
While the Charting Guy sees both bullish and bearish possibilities, he notes that DOGE has weakened. The loss of its “Golden Pocket” (around the 0.618 and 0.65 Fibonacci levels) makes holding DOGE long-term riskier and lessens the strength of his bullish predictions.
