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A crypto analyst identified as ‘Trading Jesus’ on By highlighting Dogecoin’s resistance and support levels, the analyst has underlined the main drag for the meme coin reaching the $1 milestone.
Dogecoin price roadmap to the $1 target
In his X messageTrading Jesus shared one Dogecoin chart on the 1-hour time frame that shows the support and resistance levels as the Dogecoin price aims towards the $1 mark. The crypto analyst is currently trading at $0.36 and has indicated that the next resistance level for Dogecoin is $0.44.
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This crucial level could trigger great selling pressure for the meme coin as investors begin to liquidate their holdings. However, if Dogecoin can successfully break above the $0.44 level, the meme coin could entering a bullish phasewith the next highest price around $0.56.
Trading Jesus has highlighted the $0.56 price increase as a level of profit taking where traders and investors could start selling their Dogecoin for potential profit. The analyst has also identified a higher resistance level at $0.73336 if Dogecoin can maintain its bullish momentum above that level.
At the resistance level of $0.73336, Trading Jesus has predicted that Dogecoin could see its price rise towards the coveted $1 mark. His card revealed Dogecoin’s next bullish target $0.996 if the price continues to rise.
On the other hand, Trading Jesus also has the support levels for Dogecoin if it fails to break the key resistance levels. The initial support at $0.34 represents a crucial level at which buyers could intervene if Dogecoin’s price declines. This support level ultimately acts as a barrier to prevent further price declines.
If Dogecoin refuses below the $0.34 support level, the cryptocurrency could experience further downside pressure, leading to a decline towards $0.25. If more withdrawals occurTrading Jesus has revealed that the Dogecoin price could fall to a new low around the $0.18 level.
Analyst remains optimistic despite DOGE’s 8% price drop
While analysts foresee that the Dogecoin Price Reaches $1Others have predicted even higher all-time highs for the popular meme coin. A crypto analyst known as the ‘Cantonese Cat’ on revealed a weekly DOGE price chart projecting a potential jump to $4.
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In the chart, the analyst indicated that Dogecoin is on track to reach the $0.42 price level at the Fibonacci level of 0.786. Breaking this level could trigger a rise to 1,618 Fib, which equates to a price increase above $4.0.
The Cantonese cat has revealed that investors and traders likely have three to four weeks to reach Dogecoin’s current price of $0.36 before it shoots up to $4.
Featured image created with Dall.E, chart from Tradingview.com
Credit : www.newsbtc.com
