Sell All Your Dogecoin If This Happens, Says Crypto Analyst

Charting Guy has issued a cautionary note on Dogecoin, suggesting he will sell the meme coin if certain Fibonacci retracement levels fail to break in the coming months. The attached chart shows key Fibonacci retracements ranging from 0.0 to 1.618, with notable lines at $0.1397, $0.1997, $0.2677, $0.33, $0.43, and $0.76. If Dogecoin hits the 0.702 or 0.786 Fib levels and can’t break them in the next few months, Charting Guy plans to sell the majority or all of his holdings. He anticipates a major top in late April or early May, regardless of price targets.

This analysis is based on a comparison to the XRP 2021 fractal, where Dogecoin is following a similar pattern. However, some analysts disagree and believe that Dogecoin’s movement is not specifically mimicking XRP. Charting Guy remains open to the idea of a breakout but is prepared to exit the market if specific price levels are not reached by late April.

This shift in tone from being bullish on Dogecoin just two months ago is notable. Charting Guy previously saw $1 as a minimum target and $4 as the highest, but now focuses on Fibonacci hurdles at $0.33 and $0.43 as deciding factors for selling. At the time of writing, Dogecoin is trading at $0.20.