In a recent analysis, crypto analyst Kevin (@Kev_Capital_TA) pointed out a crucial price level for Dogecoin (DOGE). He believes that if the cryptocurrency can close above the $0.28 mark on a weekly basis and sustain that momentum, it could be poised to retest its all-time highs.
Kevin has already taken action by purchasing Dogecoin at $0.25, setting up for a potential rally. Reclaiming the $0.28 level is vital for Dogecoin to see significant upward movement.
Currently, Dogecoin is facing resistance in the $0.27–$0.29 range, according to Kevin’s analysis. He applied the Bitcoin Bull Market Support Band, which is composed of the 20-week Simple Moving Average (SMA) and the 21-week Exponential Moving Average (EMA).
This band currently sits between $0.282 and $0.286, indicating that Dogecoin is in a correction phase. A firm weekly close above $0.28 is considered a crucial catalyst for a bullish reversal.
In addition to price levels, Kevin highlights two momentum indicators that show signs of easing bearish pressure. The daily Relative Strength Index (RSI) has crossed above its moving average, suggesting that downward momentum is weakening.
Furthermore, the Moving Average Convergence Divergence (MACD) is close to a bullish crossover, which could further support a positive shift in sentiment. These momentum signals may indicate a potential bullish trend if confirmed by follow-through buying.
Kevin also shared his thoughts on the broader market. He believes that the current correction is part of a natural market cycle and that the market could face deeper corrections if certain levels are not held. For now, Dogecoin’s potential rally depends on its ability to reclaim and hold above $0.28.
