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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Is ‘All Going To Plan,’ Says Crypto Analyst

Jake Simmons
Jake Simmons
3 months ago
3 mins read
Dogecoin price news

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Crypto analyst Kevin has provided an update on Dogecoin’s price structure, highlighting how multiple technical elements have converged to support his thesis that the meme coin remains on track despite recent volatility. The chart, which he first shared two weeks ago, reveals a confluence of Fibonacci retracement levels, descending yellow macro trend lines, and the positioning of the 200-week SMA (Simple Moving Average) and EMA (Exponential Moving Average).

Dogecoin Follows ‘The Plan’

According to Kevin, these converging signals have collectively allowed Dogecoin to perform a critical macro back test, a process that—if successful—can often transition a market from a corrective phase into a new, more bullish phase. “We still got work to do folks but so far it’s all going to plan for Dogecoin,” Kevin wrote today via X.

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Central to his view is the 0.5 Fibonacci retracement level around $0.15382, which Dogecoin is currently hovering near. Derived from the coin’s larger swing high, the 0.5 retracement typically denotes a point of equilibrium in a bigger market move.

Dogecoin price analysis
Dogecoin price analysis | Source: X @Kev_Capital_TA

This level also intersects with the yellow downward-sloping trend lines that have defined the macro resistance for Dogecoin since its earlier bull market peaks. The synergy between this retracement level and the trend line retest is a key reason Kevin believes the pullback remains orderly and “all going to plan.” Farther above, Dogecoin’s next Fibonacci milestone is the 0.236 level near $0.28013 (red horizontal band) that would likely need to be overcome for a more definitive uptrend to develop.

Below current trading ranges, the chart highlights a cluster of potential support levels, including the 0.618 Fibonacci marker around $0.11767 and the 0.65 retracement near $0.10924. Although there is no guarantee Dogecoin’s price will drop to these thresholds, Kevin notes that if further consolidation were to occur, the coin might find stability in that zone.

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Additional deeper retracement points include the 0.786 level around $0.08035 and the 1.0 extension down near $0.04942—areas that, in previous cycles, provided meaningful bounces for tokens experiencing prolonged corrections.

Meanwhile, the weekly moving averages in blue on the chart, specifically the 200-week SMA and EMA, offer further context for longer-term sentiment. They are currently running just below Dogecoin’s spot price, forming another layer of support.

Kevin’s analysis also cites momentum data from the 3 Day RSI (Relative Strength Index), indicating that RSI readings have been near historically low levels for Dogecoin. Low RSI readings can sometimes suggest a market is oversold, which in turn raises the prospect of a relief rally or broader turnaround if other bullish catalysts emerge.

He referenced four focal points he first identified in a post two weeks prior: the retest of the macro 0.5 Fibonacci zone, the descending trend line confluence, the back test of the 200-week SMA and EMA, and the notably low RSI values. He further emphasized that Bitcoin’s overall resilience, along with the evolution of macroeconomic data and central bank monetary policy, could shape whether Dogecoin’s price can capitalize on these technical signals.

“If BTC holds up and Macro Economic Data and Monetary policy adjust then you just got your last opportunity to buy Dogecoin relatively cheap. A lot of factors at play and lots of work to do But the risk reward at this level is superb given the circumstances,” Kevin concluded twi weeks ago.

At press time, DOGE traded at $0.1885.

Dogecoin price
DOGE price rises above the 0.786 Fib, 1-week chart | Source: DOGEUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Ad discliamer

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