Major Hindrances To Dogecoin Price Hitting $1 According To This Crypto Analyst
November 15 2024 - 5:30PM
NEWSBTC
A crypto analyst, identified as ‘Trading Jesus’ on X (formerly
Twitter), unveiled the roadmap for the Dogecoin price to reach $1.
By highlighting Dogecoin’s resistance and support levels, the
analyst has underscored the major hindrance to the meme coin
hitting the $1 milestone. Dogecoin Price Roadmap To The $1
Target In his X post, Trading Jesus shared a Dogecoin chart on the
1-hour timeframe showing the support and resistance levels as the
Dogecoin price aims for the $1 mark. Currently trading at $0.36,
the crypto analyst has indicated that the next resistance level for
Dogecoin is $0.44. Related Reading: Dogecoin Price Could See
Swift 175% Surge As DOGE/BTC Pair Records Major Breakout This
crucial level could trigger major selling pressures for the meme
coin as investors start liquidating their holdings. However, if
Dogecoin can successfully break above the $0.44 level, the meme
coin could enter a bullish phase, with its next price high at
around $0.56. Trading Jesus has highlighted the $0.56 price
increase as a profit-taking level at which traders and investors
could begin selling their Dogecoin for potential gains. The analyst
has also pinpointed a higher resistance level at $0.73336 if
Dogecoin can maintain its bullish momentum above that level.
At the $0.73336 resistance level, Trading Jesus has predicted that
Dogecoin could see its price surging to the highly coveted $1
milestone. His chart revealed Dogecoin’s next bullish target to be
$0.996 if its price continues increasing. On the flip side,
Trading Jesus has also shown the support levels for Dogecoin if it
fails to break past key resistance levels. The first support at
$0.34 represents a crucial level where buyers might step in if the
price of Dogecoin drops. This support level ultimately acts as a
barrier to prevent more price drops. If Dogecoin declines below the
$0.34 support level, the cryptocurrency could experience further
downward pressure, leading to a drop towards the $0.25 mark. If
more pullbacks occur, Trading Jesus has revealed that the Dogecoin
price could bottom to new lows around the $0.18 level.
Analyst Remains Bullish Despite DOGE’s 8% Price Decline While
analysts foresee the Dogecoin price hitting $1, others have
predicted even higher all-time highs for the popular meme coin. A
crypto analyst known as the ‘Cantonese Cat’ on X has unveiled a
weekly DOGE price chart projecting a potential leap to $4.
Related Reading: Crypto Analyst Predicts Major Price Crash For
Shiba Inu, But It’s Not All Bad News In the chart, the analyst
indicated that Dogecoin is on its way to hitting the $0.42 price
level at the 0.786 Fibonacci level. Breaking past this level could
trigger a surge towards the 1.618 Fib, representing a price
increase above $4.0. The Cantonese cat has revealed that investors
and traders likely have three to four weeks to accumulate at
Dogecoin’s current price of $0.36 before it shoots up to $4.
Featured image created with Dall.E, chart from Tradingview.com
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