Crypto market analyst Kevin suggests that a key technical development in Dogecoin's chart might indicate a bullish move if the current support levels are maintained. After a month of a downward pattern, DOGE is rebounding off its former resistance line, attracting traders eyeing an upswing.
Kevin emphasized the importance of DOGE's ability to hold and bounce above this level, warning that failure may necessitate a chart reassessment. Dogecoin recently dipped to $0.345 but managed to stay above its trend line, aligning with key moving averages—signaling potential for higher prices.
Despite a promising setup, DOGE remains dependent on Bitcoin's market dominance. Kevin highlighted that no 'altseason' has occurred yet, and altcoins like Dogecoin may not outperform Bitcoin unless its dominance decreases significantly.
The impact of a memecoin launch linked to Donald Trump has introduced instability, temporarily shifting market dynamics and causing serious setbacks for solid projects.
For DOGE, a decisive bounce above the $0.40-$0.41 range could strengthen bullish sentiments if broader market conditions support it. Yet, any rise in Bitcoin dominance or renewed meme coin speculation could create obstacles for Dogecoin's progress.