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Dogecoin went to a low point near $ 0.168 last week before he got higher on Tuesday morning to act around $ 0.19, about six percent more than 24 hours. The Rebound unfolded in Lock-Step with Bitcoin’s own recovery from the technically charged level of $ 106,800 to just above $ 109,000, so that the short-term dip-buyers in the Memecoin complex are restored.
Dogecoin must overcome this price level
Technical analyst Kevin (@kev_Capital_ta) to claim That the FIB defense has restored the bullish structure – but only to a certain extent. “After he came to the .382 FIB Dogecoin, the support it needed finally found, together with BTC support at 100k,” he wrote. “Because it applies for the immediate future of ** Doge, it has a lot to do. Great resistance at .19-.21 cents must be broken to go back to that .26-.28 level. Indicators in the daily period of time look bullish.”
The behavior of Bitcoin therefore remains crucial. Spot BTC is floating nearly $ 109,000 this morning and has so far defended the $ 106,800 pivot point marked by various high -profile analysts, including Michael van de Poppe, as the “Linchpin for a potential rally”. If Bitcoin extends to the tire of $ 120,000 $ 130,000, Kevin claims that Dogecoin will disconnect from his dependence on the benchmark “when dominance tops and the market slaughter to relax the monetary policy.”
Crypto Pundit Chandler (“@chandlercharts”) is less optimistic. Doge’s four-day price against doge/BTC, market capitalization and an oscillator for relative strength, graphic reflects three earlier compression axes-shocked gray-and-that the memecoin did not maintain to support outperformance against Bitcoin.
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“Even if Doge breaks above the highlights of November, it will not feel great if Doge/BTC will be much lower than at the highlights of November,” he warned. Chandler calculates that with BTC at $ 107,600, Dogecoin should print around $ 0.52, simply to reach a higher high against Bitcoin. “If BTC runs to $ 120-130k, Doge must be around $ 0.60+ to keep doe to be useful about BTC.”
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That threshold underlines the importance of the supply zone of $ 0.19- $ 0.21 that is visible on the charts of both analysts. On the canvas of Kevin it coincides with the FIB cluster of 0.618-0.703; On Chandler’s it overlaps the upper edge of an eighteen -month value area that has repeatedly rejected upward probes. A decisive closure above $ 0.211 would place the top of 11 May at $ 0.2597 back in the game and, more importantly for bulls.
For now, traders watch two numbers: $ 106,800 on Bitcoin and $ 0.21 on Dogecoin. A clean break of the latter would validate the Bullish Route card from Kevin to $ 0.26- $ 0.28 and, by extension, keep the possibility of Chandler’s higher high scenario on the Doge/BTC cross alive. Until that time, the fate of the memecoin will indeed remain “in the hands of BTC’s ability to go higher.”
At the time of the press, Doge acted at $ 0.19.
Featured image made with dall.e, graph of tradingview.com