On Wednesday afternoon in Europe, Dogecoin is trading at approximately $0.198, nearly 20% lower than its peak in late March. Despite this decline, it remains within an eleven-month upward trend, now approaching a significant technical turning point, according to analyst VisionPulsed.
In a video released on June 10, VisionPulsed indicated that the initial two weeks of June could signal a potential upward movement if market conditions remain favorable. He acknowledged the possibility that this upward trend may have already begun, particularly after Dogecoin managed to close a two-day candle above the 0.618 Fibonacci retracement level from December 2024.
The market backdrop described by VisionPulsed is notably optimistic. Bitcoin is trading around $109,500, just 3% short of its all-time high, while Ethereum has reached a new twelve-month high above $2,790. In the equity markets, the S&P Small-Cap 600 index has shown its strongest five-day performance since March, which the analyst interprets as a sign of increased global liquidity.
VisionPulsed noted that positive hash-ribbon signals for Bitcoin emerged two weeks ago, historically indicating renewed interest in risk assets. He stated, "Bitcoin at 110K suggests we should see an upward trend. Ethereum's breakout reinforces this idea. If we don't see a rise from here, it may be wise to consider other investment options."
At the core of VisionPulsed's analysis is a 70-day cyclical timeframe since Dogecoin's local low on April 1. He remarked, "We are nearing that 70-day threshold, making it an opportune moment for bullish behavior." However, he cautioned that a failure to rally before mid-June could undermine this bullish setup.
VisionPulsed also pointed out that Dogecoin's future performance is closely linked to the ETH/BTC ratio and Bitcoin's market dominance, which remains high. He stated, "When the ETH-BTC movement occurs, it will signal a drop in dominance, which is essential for Dogecoin to surge." Until such a shift occurs, any increases in Dogecoin's price may struggle against long-term resistance levels.
The analyst outlined three critical price levels that could influence market sentiment. A daily close above $0.23 would mark a significant break from the descending trend established since December, while reaching $0.30—the 0.618 retracement level of the 2021–2024 bear market—would generate considerable buzz about Dogecoin. He suggested that if the upward movement is delayed, the trigger point might adjust to $0.27, but the overall message remains clear: "Regardless of the timing, $0.30 is the target."
With Bitcoin maintaining its position above six figures, Ethereum hitting new local highs, and indicators of global liquidity improving, the groundwork is laid for a potential positive shift. Whether Dogecoin can leverage this macroeconomic momentum to break decisively above $0.23 and reach the euphoric $0.30 mark will likely become apparent within the next two weeks. As of the latest updates, DOGE is trading at $0.197.
