Dogecoin (DOGE) is currently stuck below an important resistance level, indicating that breaking through this barrier could trigger a rise.
However, so far, the price has been unable to break through this critical position, creating some uncertainty for the upcoming trend. If Dogecoin wants to set new highs and reignite investor enthusiasm, breaking through this resistance level is essential.
Top crypto analyst Scofield recently shared technical analysis on Dogecoin on the X platform, indicating that Dogecoin is preparing to challenge the psychological price level of $1.
According to Scofield's analysis, Dogecoin has been consolidating near the resistance level recently, which typically indicates a precursor to a significant movement. He believes that once this position is broken, it may trigger a rebound, pushing the price towards the $1 target.
Although the market appears somewhat optimistic, traders should remain cautious. Breakthroughs are not easy, meaning the market may need stronger buying power or other catalysts to drive the next wave of increase. If Dogecoin fails to break through this point, the price may decline, thus suppressing the current bullish sentiment.
As the overall market gradually recovers, Dogecoin remains a focal point for investors seeking high-return opportunities. The next few days may determine whether Dogecoin can regain its upward momentum and make a real push towards $1.
Dogecoin breaks through key levels.
Dogecoin has broken through a significant supply zone, providing possible momentum for a price rebound. Currently, Dogecoin is facing the last key resistance area, and only by breaking through this can it confirm whether a new bull market cycle has begun. This point is crucial, and once broken, it may attract substantial buying pressure.
Similarly, Scofield shared his views on Dogecoin's current trend. He pointed out that Dogecoin's chart has formed a bullish triangle pattern, which is usually a signal for an impending breakout.
According to Scofield's analysis, the apex of this triangle indicates that Dogecoin is likely to make a decisive breakout. If the breakout is successful, the psychological barrier of $1 will become the next major target.
Scofield's technical analysis indicates that Dogecoin (DOGE) has successfully held a crucial support level, providing strong support for its future rise. The triangular pattern also reflects that the selling pressure in the market is easing, which aligns with traders' increasingly optimistic sentiment.
However, Scofield cautions that if Dogecoin fails to break through the current resistance level, it may retreat and retest lower price levels, potentially delaying the anticipated rebound.
As Dogecoin continues to gain attention in the crypto market, investors are focusing on this key resistance line. If Dogecoin can successfully break through this resistance area, it signifies that it may embark on a new upward momentum and lay the groundwork for breaking through the $1 target.
Technical details: DOGE is ready to rebound again.
Currently, Dogecoin's price is $0.426, having recently risen 18% and tested the key supply area of $0.43. This resistance level presents a significant challenge for Dogecoin, as it has failed to break through this price level for more than the past two weeks. Despite recent strong upward momentum, the market remains cautious, and analysts point out that breaking through $0.43 will be a decisive step.
If Dogecoin successfully breaks through the resistance level of $0.43, it could lay the foundation for a strong price rebound, attracting more retail and institutional investor interest. Historically, similar breakouts often lead to significant increases, making this price point a particular focus for market participants.
However, if it fails to break through $0.43, the price may continue to oscillate around this level, further weakening the current bullish sentiment.
The current market uncertainty still lies in the potential pullback risk. If Dogecoin cannot maintain its current level, or faces greater selling pressure, the price may fall back to lower support levels, and may even retest $0.38 or lower.
Analysts remind investors to remain patient, as Dogecoin's next movement is likely to depend on whether it can successfully break through the key resistance level of $0.43.
