Dogecoin (CRYPTO: DOGE) is clinging to the $0.20 level, with analysts pointing to upcoming macro events as potential catalysts for a breakout.
What Happened: Prominent analyst Kevin noted DOGE continues to defend the 0.5 Fibonacci retracement ($0.1904) and weekly 100 EMA, keeping its 7-month rising channel intact.
However, resistance at $0.208–$0.221 remains a hurdle, aligning with key moving averages and the bull market support band. A rejection there could push DOGE back to the lower channel boundary.
Kevin cautioned that liquidity across altcoins remains thin, reflecting consolidation as Bitcoin trades in a four-month range.
On the 3-day chart, DOGE is still below key moving averages, but momentum has reset and a new buy signal may be forming.
The analyst noted that liquidity remains thin across altcoins, reflecting overall market consolidation led by Bitcoin's 4-month range.
Also Read: Dogecoin Spikes Amid US-China Trade Agreement: Analyst Sees 60% Upside If DOGE Holds This Key Support
What's Next: Dogecoin's next move hinges on macro catalysts such as the FOMC meeting, Trump–Xi talks, and earnings data.
Positive outcomes combined with Bitcoin (CRYPTO: BTC) stability could fuel a breakout in DOGE and other majors.
Meanwhile, trader Mags suggested DOGE is "gearing up for a major move," as Ali Martinez reported large whales sold 500 million DOGE in the past week.
Technical analyst EtherNasyonal added that Dogecoin appears to be entering its third parabolic phase, with market calm hinting at a potential "calm before the storm."
The current cycle marks the third in this sequence, and while the explosive phase hasn't begun yet, the structure is steadily maturing.
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