Is The Dogecoin Bottom In? This Price Level Could Be The Tell
Overview
Dogecoin is experiencing a significant rebound from a critical technical level that has been identified by an analyst as a potential low for its current correction. The $0.138 region has been highlighted as a decisive line that could indicate whether Dogecoin has found its bottom.
Analysis of the Current Situation
Crypto analyst Kevin has pointed out that the $0.138 level is crucial for Dogecoin’s price stability. In a recent post on X, he noted that this level is holding strong, and if Dogecoin can maintain this position, it may signify the lows for its corrective phase. This level coincides with both the 0.382 Fibonacci retracement of a previous advance and the rising 200-week simple moving average. Additionally, it aligns with an upward trendline that has been guiding Dogecoin’s price since mid-2023. A decisive break below this level could have significant negative implications for Dogecoin’s price action.
The recent price movements show that Dogecoin traded as low as $0.13443 before bouncing back to $0.152, marking an intraday gain of over 13%. Kevin has consistently emphasized the importance of the $0.138 support level, warning that losing this level could lead to unfavorable outcomes for Dogecoin. He has also indicated that the performance of Bitcoin and stablecoins is closely tied to Dogecoin’s price stability.
Kevin’s analysis includes a broader context, noting that Bitcoin rebounded significantly from lower levels, which may support the idea of an emerging counter-trend rally. He has suggested that the corrective phase for Bitcoin and the total altcoin index is nearing completion, implying that a bottom could be formed soon, potentially benefiting Dogecoin and other altcoins.
The analyst’s chart also outlines potential price movements for Dogecoin, with horizontal resistance near the 0.5 Fibonacci retracement around $0.19 and lower support marked at the 0.236 retracement near $0.093. The critical factors for determining whether $0.138 is indeed the bottom for Dogecoin include the need for Dogecoin to maintain its support levels and for Bitcoin to confirm a counter-trend rally.
Impact on the crypto market
- The stability of Dogecoin at the $0.138 level could influence investor sentiment and trading strategies.
- A successful rebound from this level may encourage buying activity in Dogecoin and potentially other altcoins.
- The interplay between Dogecoin’s price action and Bitcoin’s performance highlights the interconnectedness of the crypto market.
- Analysts’ focus on technical levels emphasizes the importance of chart patterns and indicators in trading decisions.
- Market participants are closely monitoring these developments for signs of potential reversals or continuations in the broader cryptocurrency market.
Updated: 12/3/2025, 4:34:24 PM
