Dogecoin (DOGE) has experienced significant fluctuations in recent weeks, attempting to reclaim important resistance levels while remaining above key demand zones. Despite a drop in early February, the market for meme-coins has shown resilience compared to altcoins and Bitcoin. Analyst Ali Martinez indicates that Dogecoin has retraced to the 0.618 Fibonacci level, known as the ‘Golden Ratio.’ This level is considered a crucial support area that could mark a trend reversal. Maintaining this level suggests Dogecoin may be gearing up for an uptrend, with upcoming days playing a significant role in determining its direction. It’s worth noting that Dogecoin is on the verge of a significant price break and is only 5% away from supply levels that could initiate a recovery trend. Consequently, after months of selling pressure and negative sentiment, hope is rising again among the Dogecoin community. Martinez emphasizes that this meme-coin still adheres to the Fibonacci Golden Ratio, historically recognized as a range for bullish reversals. If Dogecoin can reclaim the $0.028 supply level and stabilize above it, it may attract more investor attention and start an upward trend. Currently trading around $0.27, Dogecoin has crossed the 200-day Exponential Moving Average (EMA) at $0.26. This breakthrough is a positive signal for maintaining short-term strength, with buyers aiming to push the price above $0.30. If Dogecoin turns this level into support, it could initiate a strong recovery trend. However, a drop below $0.25 may increase selling pressure and further devalue it. Traders are closely monitoring the $0.30 level, as surpassing this resistance could indicate a return to Dogecoin’s uptrend.
