Dogecoin Faces Bearish Pressure as Analysts Eye Sell-Off at Key Fibonacci Levels
1min read The broader cryptocurrency market is experiencing a decline, and Dogecoin (DOGE) is no exception, facing bearish pressure with volatile price movements. Given its current weak position, many investors are considering selling their holdings. A crypto analyst has outlined a sell-off strategy, highlighting key Fibonacci levels that could serve as optimal exit points.
In a recent post, crypto analyst the Charting Guy discussed his strategy for selling Dogecoin based on Fibonacci extension and retracement levels, as well as overall market trends. The analyst stated that if the Dogecoin price rises to the 0.702 or 0.786 Fibonacci level over the next few months and fails to break above it, he would sell off the majority of his DOGE holdings. This strategy aims to mitigate potential losses and maximize profits, even with the market’s current weakness.
The Charting Guy's thesis for future Dogecoin price action suggests that a bottom may be forming, followed by a potential market peak by late April or early May. He plans to sell his holdings close to this price peak, expecting a severe breakdown to new lows in March 2025. Sharing a Dogecoin price chart on a weekly time frame, the analyst draws several Fibonacci retracement and extension levels from a key high and low. The 0.702 Fib level at $0.43 is acting as a potential resistance zone for Dogecoin.
If the meme coin can claim and break through this resistance level, the crypto analyst predicts that it could regain its former bullish momentum and aim for higher Fibonacci levels. This could lead to a gradual climb past key Fib levels: 0.618 ($0.26), 0.786 ($0.42), 0.888 ($0.55), 1 ($0.76), 1.272 ($1.60), 1.414 ($2.36), and ultimately 1.618 ($4.1), the highest bullish target.
On the flip side, if Dogecoin fails to break this level and gets rejected, it would confirm a broader market weakness and possibly lead to a deeper price correction to lower Fibonacci support levels of 0.382 ($0.139), 0.236 ($0.0 
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