One analyst is bullish on Dogecoin as support levels are now rising, highlighting a key resistance level that could influence the coin’s price trajectory to reach $1.
Market analyst Trading Jesus has pointed out that Dogecoin (DOGE) is on track to hit $1, highlighting its potential resistance and support levels.
Recently, Dogecoin’s bullish momentum stalled at a significant resistance point, coming under downward pressure around the $0.44 supply zone on Tuesday and Wednesday.
The meme coin has been on a massive bull run since then, hitting multi-year highs and posting gains of 104% over the past week and 247% over the past month, pushing its market capitalization to $57 billion.
Despite the expected correction, Trading Jesus remains optimistic, predicting that Dogecoin could hit $1 by the end of 2024.
In his analysis on Thursday, he outlined key price levels to watch as the coin heads towards this milestone.
According to Trading Jesus analysis on TradingView, Dogecoin has established support levels at $0.34, $0.25, and $0.18.
Notably, the $0.34 level, which was previously a major resistance level, has now turned into support after Dogecoin broke above it two days ago.
The coin has maintained its position above this support level despite facing selling pressure.
Trading Jesus believes that if Dogecoin can stay above $0.34, it could break through the $0.44 resistance, potentially rallying 27% to $0.56, then another 31% to around $0.73 before eventually hitting $1.
However, 4-hour chart analysis shows that Dogecoin is currently in a downtrend.
The relative strength index (RSI) is at 63.14, close to overbought territory.
Additionally, the MACD indicator has recently turned bearish, suggesting that this downtrend could last for a while.
As of press time, Dogecoin is trading at $0.3917, up slightly less than 1% over the past 24 hours.
