Amid the ongoing slump, an influential cryptocurrency analyst identified a crucial support level for Dogecoin (CRYPTO: DOGE) on Tuesday that investors should closely monitor.
What Happened: Ali Martinez, known for identifying chart patterns and issuing price predictions, shared insights on the Dogecoin’s price action in an X post.
The analyst noticed that the meme-based cryptocurrency has followed a rising trendline since October 2023. This trendline now converges with the 61.8% Fibonacci retracement level at $0.13, making it a “key” support level to keep an eye on.
Fibonacci retracement is a technical analysis tool that uses ratios derived from the Fibonacci sequence to determine probable support and resistance levels. These are then used to predict reversals or continuations.
The 61.8% level, often …Full story available on Benzinga.com
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