The technical support strength of Dogecoin has been validated again. Yesterday, the price once dipped to $0.13443, and as it approached the key support level, it suddenly surged, resulting in a "V-shaped rebound"—today it soared to a maximum of $0.152, with an intraday increase of over 13%, successfully achieving "escape from the tiger's mouth."
This trend confirms the warning from analyst Kevin. On November 22, he reminded investors: "$0.138 is the lifeline for DOGE! The closing price in the next 3 days to 1 week must not fall below this level." Kevin believes the effectiveness of Dogecoin's support level is closely related to Bitcoin's major trend and the flow of stablecoin funds.
The current macro environment is shifting in a favorable direction. Bitcoin rebounded from $86,184 to $92,307 yesterday, and today it even surged to $93,958 (currently oscillating around $92,816). In this regard, Kevin commented: "If the closing prices for the 3-day and 1-week candlesticks can hold above $91,000, it proves my previous judgment was correct—Bitcoin has started a counter-trend rebound in the correction reversal zone. However, the daily trend is still insufficient for a conclusion; continuous observation is needed."
Future market direction: Two major conditions determine the key bottom
According to the technical chart drawn by Kevin, the key resistance level for Dogecoin is around $0.19 (corresponding to the 0.5 Fibonacci retracement level), while the ultimate support below is at $0.093 (the area where the 0.236 Fibonacci retracement level coincides with the long-term trend line).
However, to confirm that $0.138 can become an effective bottom, two key conditions must be met simultaneously:
Dogecoin itself: It must hold the triple technical support formed by the "0.382 Fibonacci retracement level + 200-week moving average + ascending trend line," and ensure that the closing prices from the 3-day to the weekly level do not fall below this area.
Bitcoin environment: It needs to maintain strength within a large timeframe, confirming the validity of its counter-trend rebound and providing upward momentum for the entire market.
From the current market performance, positive signals have become quite clear: Dogecoin has rebounded strongly, and Bitcoin is steadily recovering. Under the influence of these dual benefits, the possibility of $0.138 being a temporary bottom is being validated by the market.
As of the time of writing, the quoted price of DOGE is $0.14976. The rebound of Dogecoin is still ongoing, but whether $0.138 can ultimately be confirmed as an effective bottom still depends on two major factors: whether DOGE can continue to hold this key position and whether Bitcoin can maintain its current rebound pattern.
