Analyst Identifies Key Levels for Dogecoin to Reach $1
VisionPulsed, a YouTube analyst, discusses Dogecoin's potential to reach $1 in a recent video. He highlights that both Dogecoin and Bitcoin have broken their multi-month downtrends but must overcome one final hurdle for a full uptrend.
Key Points on Dogecoin's Path to $1
- Dogecoin has broken its diagonal resistance line dating back to early 2024.
- Three of five Fibonacci retracement layers are “green,” with the fourth causing price stagnation.
- Previous trend breaks led to retracements back to support, suggesting a potential retest in May.
- Bitcoin's breakout is more advanced; it needs to surpass $94,000 to confirm bullish momentum.
- A failure at $94,000 would likely keep Dogecoin's price stagnant.
- Current consensus indicates Dogecoin may experience sideways movement rather than explosive growth.
- The daily stochastic RSI shows an upward trend, increasing bullish probabilities without reaching overbought levels.
- The euro-dollar pair is being monitored as it has historically indicated Bitcoin top formations.
- Consolidation is expected through late April into May, with a critical decision point at Bitcoin’s $94,000.
At press time, Dogecoin (DOGE) traded at $0.175.
