Crypto analyst Kevin Capital has provided insights into the current price development of Dogecoin. As part of his analysis, he highlighted the $0.41 price level as the next important level for the leading meme coin.
$0.41 The next key level as Dogecoin closes outside the falling wedge pattern
In one X contributionKevin Capital announced that Dogecoin has officially closed a daily candle outside the falling wedge channel. The analyst further noted that the meme coin is now battling the daily supertrend and then the macro Fib level of 0.786, which is just above it at $0.41. He pointed out that there is still a lot to be done, but it is a solid development.
Beyond this development Kevin Capital mentioned that Dogecoin’s next move will depend on how Bitcoin price moves next. The crypto analyst appeared cautious as he noted that Bitcoin has still not broken out of its descending trend channel. Therefore, he noted that the current DOGE setup could fail if BTC is rejected at its current levels.
The crypto analyst had previously warned against being too optimistic about Dogecoin’s current price development in relation to Bitcoin movement. He advised market participants to remain “modestly cautious” regarding BTC’s pricing structure until the flagship cryptocurrency is released $104,000 level and breaks the lower structure.
The crypto analyst further explained that he simply doesn’t want the market to become overly optimistic when there is still a lot of work to be done. In line with this, he suggested that Dogecoin is not out of the woods yet, although the meme coin is already showing signs of a bullish trend reversal.
DOGE’s rise to $1 seems imminent
In an X post, crypto analyst Mikybull Crypto provided an optimistic outlook for Dogecoin price. He explained that DOGE’s price looks good at $1. Its accompanying chart showed that the leading meme coin could reach and even exceed this highly anticipated price target by rising to $1.10. This rally towards the $1 target is expected to begin once Dogecoin breaks out of the consolidation triangle highlighted by Mikybull Crypto.
CoinCodex’s Machine learning algorithm also predicted that Dogecoin price increase to $1 could happen as early as March. Meanwhile, crypto analyst Master Kenobi is optimistic that Donald Trump’s inauguration could be the catalyst that triggers a price rally for the main meme coin, even as it eyes the $1 target.
Dogecoin whales They also seem to be anticipating this price increase as they have accumulated millions of coins. Crypto analyst Ali Martinez revealed that these investors purchased 200 million DOGE in the last 48 hours.
At the time of writing, Dogecoin price is trading at around $0.39, up over 4% in the last 24 hours Data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com