Dogecoin Accumulation Resumes as Price Nears Key Support Level
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Crypto analyst Kev Capital TA has resumed buying Dogecoin, reacting to its drop to a significant long-term support zone around $0.095. In a recent video, he explained that this level is pivotal as it corresponds with the target of a bearish flag pattern observed in Dogecoin’s weekly charts, as well as a price point that has historically served as both support and resistance in prior cycles.
According to Kev, Dogecoin’s decline from its peak of approximately $0.49, reached in December 2024, appears to have largely satisfied his anticipated downward target. He highlighted that the measured move target of the bear flag pattern aligns perfectly with the current price around $0.095.
He emphasized that this price level is not merely a technical benchmark but holds historical importance. He cited comparisons to August 2024, when Dogecoin found a bottom close to this value before experiencing a significant surge in the fourth quarter, and similar instances in 2022, 2023, and early 2024 where this zone played critical roles in trading dynamics. Kev stated that this level is indeed a major one, recalling how it previously supported price movements in early 2024 and again in summer 2024 before significant increases.
Despite his renewed interest in accumulating Dogecoin, Kev refrained from declaring a confirmed macro bottom for the asset. He reiterated that his analysis primarily revolves around Bitcoin, which he views as the leading indicator of market direction. He expressed that altcoins operate in the shadow of Bitcoin, which he referred to with multiple affirming titles, underscoring its dominance.
As for his investment strategy, Kev mentioned that he has initiated a position in Dogecoin, though this is part of a gradual accumulation approach closely tied to Bitcoin’s performance in the near future. He indicated he would increase his investment should Bitcoin’s price decline, presenting opportunities to buy Dogecoin in lower price ranges.
While his short-term outlook is cautiously optimistic, Kev noted that Dogecoin still faces considerable resistance before a genuine trend reversal can be considered. He pointed out that for Dogecoin to show significant recovery, it must first reclaim the 21-week EMA and the 20-week SMA around the low $0.11 range, with higher resistance levels identified around $0.136, $0.147, and $0.161.
On the monthly chart, the scenario appears less encouraging. Kev remarked that Dogecoin recently closed below the 100 EMA on a monthly basis for the first time ever. Additionally, monthly indicators such as momentum, money flow, and LMACD have yet to exhibit signs of recovery typically associated with the end of a bear market.
He advised treating the current market as a bear phase, describing the ongoing countertrend rally as a temporary phenomenon until evidence suggests otherwise. Consequently, while Dogecoin displays potential for selective buying, its ultimate trajectory remains heavily reliant on Bitcoin’s movements. Kev anticipates that the cycle’s true bottom will likely be realized between July and October if historical trends persist. For now, he advocates for a focus on Bitcoin, which remains the primary driver of market sentiment.
As of the latest update, Dogecoin is trading at approximately $0.09558.
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