Dogecoin (CRYPTO: DOGE) has rallied 12% over the past seven days, but traders caution it is still far from cycle top levels.
What Happened: In his latest Patreon update, crypto analyst Kevin noted. that Dogecoin has held key support zones, including the golden pocket, weekly bull market band, and daily 100/200 EMAs.
Historically, a correction of more than 10% for would push Dogecoin below these levels, so holding them is a strong bullish signal.
In the short term, Bitcoin needs to break above $118,300 to retest the $120,000-$125,000 range, which could push Dogecoin to the top of its upward channel and the macro golden pocket between $0.26-$0.31.
A breakout above $125,000 and resolution of Bitcoin’s weekly bearish divergence could lift DOGE even higher.
Additionally, the DOGE/BTC pair is also back testing a macro inverse Head & Shoulders pattern at major support, which could have bullish implications if confirmed.
Kevin also highlighted historical risk levels for Dogecoin remaining well below cycle-top extremes.
Monthly indicators aligned with the current macro environment are beginning to suggest conditions that could eventually push Doge toward higher-risk levels.
Also Read: Bitcoin Hits 2-Month At $118,000 High, Ethereum, XRP, Dogecoin Rocket Higher
Why It Matters: Thumzup Media has announced a $2.5 million capital infusion into DogeHash to expand mining capacity and deploy next-generation ASIC miners, following its pending acquisition of DogeHash.
Coinglass data shows $6.72 million in DOGE liquidations in the past 24 hours, including $5.9 million in short liquidations during the sudden price spike.
As of Sep.30, the REX-Osprey DOGE ETF holds $20.17 million in assets.
Image: Shutterstock
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This article Dogecoin Gains 12% In One Week: How High Can DOGE Go? originally appeared on Benzinga.com
