Benzinga - The price action of Dogecoin (CRYPTO: DOGE) continues to follow the technical “blueprint” laid out by crypto analyst Kevin (@Kev_Capital_TA), who updated his followers on Sunday to say that his strategic roadmap from March 22 is still unfolding.

As visible in the weekly chart below, Kevin has been tracking a large descending channel drawn with multiple yellow trend lines that began in 2021 and have gradually constricted the price action throughout 2022.

Within that formation, a critical horizontal threshold is highlighted at $0.139, labeled on the chart as the “Last line in the sand.” According to Kevin, this level is crucial for preserving the bullish market structure. Maintaining durable weekly closes above this zone is essential for further upside, whereas a decisive break beneath $0.139 would nullify the bullish thesis.

Source: Kevin (@Kev_Capital_TA) on X

A closer inspection reveals intermediate Fibonacci markers situated at $0.090 (0.236), $0.138 (0.382), $0.190 (0.50), $0.262 (0.618), $0.413 (0.786), $0.542 (0.88), $0.738 (1.0), $0.934 (1.0866), and $1.543 (1.272).

With the price currently hovering around $0.16-$0.17, it has remained above the 0.382 Fib retracement level, which appears to be around $0.138. At this point, the risk-reward ratio at this level seems “absolutely phenomenal,” as stated by Kevin.

The March 22 update describes the confluence of several higher time frame indicators, including the Weekly Stochastic RSI, the 3-Day MACD, and the 2-Week Stochastic RSI, which are all nearing full resets. Also mentioned is the previous weekly demand candle, which formed just above $0.139 and indicates buyers stepping in to defend what Kevin calls “the Last line of bull market support.”

The Weekly Stoch RSI is already at low levels, while the 3-Day MACD and 2-Week Stoch RSI appear to be about a month away from bottoming out. According to Kevin, these technical resets should serve as a springboard for Dogecoin’s next significant upward move, provided that Bitcoin (CRYPTO: BTC) can hold above $70K in his scenario, which is essential for stable enough broader market strength.

On Sunday, Kevin updated his followers that this strategy, which was first announced on March 22, is going "exactly according to plan." This is due to Dogecoin's confirmed bounce around the $0.139 region and the ongoing drift toward oversold conditions in multiple momentum gauges.

According to a post on X, formerly Twitter, Kevin's Patreon trading portfolio has an average entry price of $0.15 for this swing trade. Moreover, with the pivotal support holding firm and the higher time frame indicators in a bullish stance, he expresses confidence in Dogecoin's recovery potential.

While he acknowledges that "lots of work" still needs to be done for Dogecoin to reclaim loftier levels like the 0.618 Fib around $0.262 or even the 0.786 Fib at $0.413, Kevin maintains that his initial thesis stands as long as the meme-inspired asset preserves its foothold above $0.139.

The risk of a breakdown is well-defined if the pivotal support gives way, but should the level persist, he foresees the upside potential extending far beyond the current range. As of now, Dogecoin's price continues to cling to that all-important line in the sand, keeping Kevin's bullish blueprint very much alive.

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