Why You Should Break the Macro Gold Pocket at $0.49

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Dogecoin is starting to do this attack with an upward momentum just as the entire cryptocurrency market is starting to do gain significant influenceespecially in the last 24 hours. This noticeable enhance in inflows has seen the price of Dogecoin notably enhance by around 16% over the last 24 hours, and the $0.40 price level now appears to be within reach again.

According to technical forecasts from cryptocurrency analyst Kevin (@Kev_Capital_TA), Dogecoin needs to clear out the macro gold pocket around $0.49 to confirm a stronger upward move to recent all-time highs.

$0.49 Macro Gold Pocket: First Barrier

Crypto analyst Kevin recently shared his observations at X, highlighting Dogecoin’s critical resistance levels that must be cleared before the cryptocurrency can embark on a journey towards recent all-time highs. Using Fibonacci extension levels projected from the previous 2022/2023 Dogecoin bear market low, Kevin mapped out the key leek bull price points, starting with the macro golden pocket at $0.49.

Kevin referred to $0.49 as a “macro gold pocket,” the first major resistance zone that Dogecoin needs to clear to initiate a bullish breakout. This level is a significant extension point of the Fibonacci indicator and is around 0.65 Fib. Interestingly enough, the $0.49 macro gold pocket served as a peak intriguing growth of Dogecoin in slow 2024. Dogecoin’s rejection at $0.49 initiated a correction that ultimately reflected at the Fib extension level at 0.382.

DOGE is currently trading at $0.38. Chart: TradingView

A break through the $0.49 level would take Dogecoin to its highest level in almost four years. This, in turn, will undoubtedly provide strength for further growth and give Dogecoin bulls the confidence to push the price higher.

Road to recent all-time highs: Next resistance levels at $0.53 and $0.59

Crypto analyst Kevin also highlighted key price points to keep an eye on when Dogecoin finally breaks above the macro gold pocket at $0.49. Following the breakout at $0.49, the next critical resistance lies at $0.53, marked by the next key Fibonacci retracement level at 0.703.

Above $0.53, Dogecoin will face what Kevin described as the “final boss” at $0.59. Interestingly, this price level also marks the next Fib extension level at 0.76. This level is historically significant as the threshold before Dogecoin reached its current all-time high in 2021. The last time Dogecoin made a immaculate break above $0.59 with a Fib extension of 0.76, it only took a few days to reach the all-time high $0.7316.

With this in mind, another immaculate break above $0.59 it would pave the way for Dogecoin to challenge its previous all-time high and explore uncharted price territory.

At the time of writing, Dogecoin is trading at $0.389, up 15.5% and 23.5% over the last 24 hours and seven days, respectively.

Featured image from Pixabay, chart from TradingView

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