Dogecoin Closes Daily Candle Outside Of Falling Wedge Pattern, Why $0.41 Is The Next Important Level

Crypto analyst Kevin Capital has provided insights into the current Dogecoin price action. As part of his analysis, he highlighted the $0.41 price level as the next important level for the foremost meme coin.

$0.41 The Next Important Level As Dogecoin Closes Outside Falling Wedge Pattern

In an X postKevin Capital revealed that Dogecoin has officially closed a daily candle outside of the falling wedge channel. The analyst further remarked that the meme coin is now battling the daily super trend and then the macro .786 Fib level, which is right above at $0.41. He noted that there is still a lot of work to do, but this represents a solid development.

Beyond this development, Kevin Capital mentioned that Dogecoin’s next move will depend on what the Bitcoin price does next. The crypto analyst seemed cautious as he noted that Bitcoin has still not broken its falling channel. As such, he remarked that if BTC gets rejected at its current level, then the current DOGE setup could fail.

The crypto analyst had previously warned against being overly optimistic about Dogecoin’s current price action in relation to Bitcoin’s movement. He advised market participants to remain “modestly cautious” about BTC’s price structure until the flagship crypto clears the $104,000 level and breaks the lower high structure.

The crypto analyst further explained that he just doesn’t want the market to get overly bullish when there is still a lot of work to do. In line with this, he suggested that Dogecoin isn’t out of the woods yet, although the meme coin is already showing signs of a bullish reversal.

DOGE To $1 Is Looking Imminent

In an X post, crypto analyst Mikybull Crypto provided a bullish outlook for the Dogecoin price. He stated that DOGE to $1 is looking prime. His accompanying chart showed that the foremost meme coin could reach this much-anticipated price target and even surpass it, rallying to $1.10. This rally to the $1 target is expected to begin as soon as Dogecoin breaks out from the consolidation triangle Mikybull Crypto highlighted.

CoinCodex’s machine learning algorithm also predicted that the Dogecoin price rally to $1 could happen as early as March. Meanwhile, crypto analyst Master Kenobi is optimistic that Donald Trump’s inauguration could be the catalyst that sparks a price rally for the foremost meme coin, even as it eyes the $1 target.

Dogecoin whales also look to be anticipating this price surge as they have been accumulating millions of coins. Crypto analyst Ali Martinez revealed that these investors have bought 200 million DOGE in the last 48 hours.

At the time of writing, the Dogecoin price is trading at around $0.39, up over 4% in the last 24 hours, according to data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com