A cryptocurrency analyst, identified as 'Trading Jesus' on X (formerly Twitter), has revealed the roadmap for Dogecoin to reach $1. By highlighting Dogecoin's resistance and support levels, the analyst has highlighted the main obstacle preventing the meme coin from reaching the $1 mark.
Dogecoin Price Roadmap Towards $1 Target
In his X post, Trading Jesus shared a 1-hour Dogecoin chart showing support and resistance levels as the Dogecoin price heads towards the $1 mark. Currently trading at $0.36, the crypto analyst pointed out that Dogecoin's next resistance level is $0.44.
This key level could cause a lot of selling pressure on the meme coin as investors start liquidating their holdings. However, if Dogecoin can successfully break above $0.44, the meme coin could enter a bullish phase, with the next high being around $0.56.
Trading Jesus highlighted the $0.56 price spike as a take-profit level where traders and investors can start selling their Dogecoin for potential profits. The analyst also identified a higher resistance level at $0.73336 if Dogecoin can sustain its bullish momentum above that level.
At the $0.73336 resistance level, Trading Jesus predicted that Dogecoin could see its price surge to the highly coveted $1 mark. His chart shows that Dogecoin's next upside target is $0.996 if its price continues to rise.
On the other hand, Trading Jesus also pointed out support levels for Dogecoin if it fails to break above key resistance levels. The first support level at $0.34 represents a key level where buyers could step in if the price of Dogecoin falls. This support level eventually acts as a barrier to prevent the price from falling further.
If Dogecoin drops below the $0.34 support level, the cryptocurrency could face further downside pressure, leading to a drop to $0.25. If there are more pullbacks, Trading Jesus revealed that the Dogecoin price could bottom out at a new low around $0.18.
Analysts Remain Optimistic Despite DOGE Price Drop of 8%
While analysts predict the Dogecoin price will hit $1, others are predicting an even higher all-time high for the popular meme coin. A cryptocurrency analyst known as 'Cantonese Cat' on X has published a weekly DOGE price chart that predicts a surge to $4.
In the chart, the analyst points out that Dogecoin is on its way to a price of $0.42 at the 0.786 Fibonacci level. A break above this level could trigger a rally towards the 1.618 Fib level, which represents a bullish move above $4.0.
This Cantonese cat revealed that investors and traders may have three to four weeks to accumulate at the current Dogecoin price of $0.36 before it spikes to $4.
