Dogecoin (DOGE) is at a pivotal moment as it tests the $0.40 resistance, a critical level highlighted by analysts. This key Fibonacci retracement level (0.5) aligns with the coin’s descending channel and represents a major hurdle for bullish momentum.
Why $0.40 Is Key
According to crypto analyst Ali Martinez, the $0.40 mark is a significant psychological and technical barrier. Breaking this level could set the stage for DOGE to target $0.43, the next Fibonacci resistance at 0.382.
However, failure to surpass $0.40 might lead to a retracement, with $0.36 emerging as the next key support at 0.786 Fibonacci. Traders should watch for volume spikes and candlestick patterns near this zone to gauge market sentiment.