The price of Dogecoin was sideways trading over the last few days, consolidating around the $0.4 level as the goal is to: breakout up. This $0.4 price point is represented by the Fibonacci level of 0.786, which the analyst confirmed that Dogecoin continues to test to witness a price rally.

Dogecoin price target breaks the 0.786 Fib

Kevin, Dogecoin analyst on X (formerly Twitter), yes common his analysis of DOGE’s price action, highlighting a key resistance point that could catalyze an augment in the meme coin’s price expected rally. Given Dogecoin’s recent price surge this month, many analysts have predicted it will be a meme coin getting ready to hit $1 ATH.

Some of these analysts also suggested that factors such as Donald Trump’s victory in the US presidential elections, Elon Musk’s DOGE commission and growing positive sentiment in the cryptocurrency community could become key factors influencing the price of Dogecoin, pushing it to modern highs. Despite this bullish sentiment, DOGE price continues to trade sideways, trying to break above the $0.4 price.

Kevin revealed it $0.40 sign is a key resistance level for Dogecoin, representing the 0.786 Fib. He emphasized that the Dogecoin price is testing this critical Fibonacci level, but sharply rejected November 19. This price rejection is also one of several failed attempts made over the past few days as Dogecoin has repeatedly tested this key level.

Although optimism for A Dogecoin price augment is high, Kevin stated that unless the meme coin manages to break above this key resistance level “cleanly and violently”, there is no reason for investors to expect any major price movement or get overly excited potential rally.

The Dogecoin analyst also highlighted the critical resistance level for Bitcoin’s price. Kevin revealed that Bitcoin’s next rally will come after the cleanup resistance level at $100,000. The analyst suggests that the market will likely move slowly and remain relatively placid until the pioneering meme coin crosses this key milestone.

Dogecoin’s next target: monthly close above $0.335

In another Post XKevin explained the target target for Dogecoin price if it fails to break the 0.786 Fib resistance level. He revealed that DOGE price momentum via the chart shows a “nasty triple top” at the 0.786 Fib macro level.

Kevin predicted that a drop to $0.30 is highly possible for Dogecoin if market volatility and uncertainty continues. This decline may also be caused by, among others: sales pressure and lack of bullish momentum.

Analyst vice versa revealed that the next large augment in the price of Dogecoin can be observed if the meme coin closes its monthly candle above USD 0.335 in the next 11 days. Kevin stated that achieving this feat would be a significant milestone, marking Dogecoin’s highest performance monthly candle close of all time.

Featured image created with Dall.E, chart from Tradingview.com