Crypto Analyst Identifies Key Resistance Levels for Dogecoin to Reach $1
A crypto analyst known as ‘Trading Jesus’ on X (formerly Twitter) has presented a roadmap for Dogecoin (DOGE) to reach $1, focusing on its resistance and support levels. The analysis identifies significant challenges in achieving this price target.
Dogecoin Price Roadmap To The $1 Target
In his X post, Trading Jesus shared a Dogecoin chart on the 1-hour timeframe that illustrates key support and resistance levels. Currently priced at $0.36, the next resistance level is set at $0.44, which may induce selling pressures as investors liquidate holdings. A successful breakout above $0.44 could lead to a bullish phase, targeting a price of approximately $0.56.
The $0.56 level is noted as a profit-taking zone, where traders might start selling DOGE for gains. Further bullish momentum could push Dogecoin to a higher resistance level of $0.73336, from which it could potentially surge to the $1 target. The analysis suggests a bullish target of $0.996 if the upward trend continues.
Conversely, Trading Jesus also outlined support levels in case of failure to breach key resistances. The first support at $0.34 represents a critical point where buyers may intervene. If the price drops below $0.34, further declines could see DOGE fall towards $0.25, with potential lows around $0.18 if additional pullbacks occur.
Analyst Remains Bullish Despite DOGE's 8% Price Decline
While some analysts predict Dogecoin could reach $1, others foresee even greater all-time highs. Another analyst, ‘Cantonese Cat,’ has projected a potential rise to $4 based on a weekly DOGE price chart. This analysis indicates that Dogecoin might approach the $0.42 level at the 0.786 Fibonacci retracement level, with a breakout potentially leading to prices exceeding $4.00.
The Cantonese Cat suggests investors have three to four weeks to accumulate DOGE at its current price of $0.36 before an anticipated increase to $4.
