The price journey of Dogecoin towards the coveted $1 milestone has been a topic of interest for both cryptocurrency enthusiasts and traders. Reaching $1 would solidify Dogecoin at a new psychological threshold and into a new all-time high. However, there have been many differing opinions on how and when this will happen.

Technical analysis on the TradingView platform indicates that Dogecoin's price may encounter resistance at the $0.48 level, dip down, and then continue to rise to $1 and beyond.

Dogecoin's price may be rejected at the $0.48 level

Dogecoin is currently trading below the $0.48 level, but technical analysis has indicated a notable resistance level around this price. According to the 4-hour candle timeframe analysis of Dogecoin, the $0.48 level is the price to watch.

This is because Dogecoin's price has yet to show a significant breakout above this price level throughout the current bullish market cycle. Notably, the bullish run has been highlighted by two rejections just below the $0.48 level, with Dogecoin's highest price to date being $0.475 on November 23 and December 8.

The analyst points out that Dogecoin's price has recently had a strong bounce from the 200EMA on the 4-hour timeframe. This bounce indicates that buyers are still in control, as the price continues to show resilience against downward pressure. The confluence of support at the 200EMA with bullish momentum provides a foundation for Dogecoin's bullish move, setting the stage for the anticipated test at the $0.48 level.

Interestingly, Dogecoin has not been able to surpass the $0.48 level, but this price is still considered a liquidity area. The TradingView analyst emphasizes that this level remains a focal point, predicting that Dogecoin is likely to face another rejection at the $0.48 level. Such a rejection could lead to a deeper pullback than any seen so far in this bullish cycle and create an opportunity to consolidate before attempting a stronger breakout.

What happens after retaking the exam?

According to the analyst, a rejection at the $0.48 price level would cause Dogecoin's price to drop significantly and erase most of the gains it had accumulated in November. In particular, the analyst envisions a drop to fill CME at lower regions up to the $0.20 price area. Such a move is expected to have a devastating impact on the sentiment of optimistic investors, especially those predicting that Dogecoin's price will quickly reach an all-time high.

Despite this predicted pullback, the analyst maintains a long-term bullish outlook. As Dogecoin reaches the $0.20 area and completes its consolidation phase, a strong recovery is anticipated. This recovery is predicted to push the price decisively above the $0.48 resistance level and set the stage for Dogecoin's journey towards the highly anticipated $1 milestone. With this, the analyst has emphasized that the range of $0.24 to $0.20 is the ideal buying zone to make the most of this move.