Major Hindrances To Dogecoin Price Hitting $1 According To This Crypto Analyst

by

As a seasoned researcher with a knack for deciphering cryptocurrency trends, I find Trading Jesus’ roadmap for Dogecoin intriguing and insightful. With years of experience under my belt, I have learned to read between the lines of charts and technical analysis, and this roadmap offers a clear path for Dogecoin’s potential growth.

A well-known crypto expert, referred to as ‘Trading Jesus’ on platform X (previously Twitter), revealed a plan for Dogecoin to potentially reach a value of $1. By pointing out key resistance and support points, this analyst has emphasized significant obstacles that might prevent the popular meme coin from achieving the $1 target.

Dogecoin Price Roadmap To The $1 Target

In a recent post, Trading Jesus presented a chart of Dogecoin on a 1-hour scale, highlighting the support and resistance points as the value of Dogecoin strives towards the $1 milestone. At present, it’s trading at approximately $0.36, with the crypto analyst predicting that the next potential resistance for Dogecoin will be around $0.44.

Should this key point be reached, it might lead to significant selling by investors, unloading their holdings of the meme coin. But if Dogecoin manages to surpass the $0.44 mark, the meme coin could transition into a bullish trend, with its potential future peak around $0.56.

The expert, Jesus in trading, emphasizes the rise of $0.56 as a point where traders and investors might consider selling their Dogecoins for potential profits. Furthermore, he identifies a significant resistance level at approximately $0.73336 if Dogecoin continues its bullish trend beyond that point.

According to Trading Jesus’ forecast, the resistance level at $0.73336 in Dogecoin could potentially lead to a significant price increase towards the desired $1 mark. His analysis suggests that if Dogecoin continues to rise, its next bullish target may be set at approximately $0.996.

Conversely, Trading Jesus has indicated potential support for Dogecoin when it doesn’t manage to surpass significant resistance points. The initial support at $0.34 is a significant point where investors may enter the market if the value of Dogecoin decreases. Essentially, this support level functions as a protective wall, hindering further price falls.

Should Dogecoin fall beneath the $0.34 support point, it may face additional selling pressure, potentially causing a slide towards the $0.25 value. If further declines happen, as suggested by Trading Jesus, the price of Dogecoin might hit new lows around the $0.18 level.

Analyst Remains Bullish Despite DOGE’s 8% Price Decline

Some analysts anticipate Dogecoin reaching a value of $1, while others, such as the ‘Cantonese Cat’ on X, have revealed a projected weekly price chart suggesting a possible jump up to $4 for the well-known meme coin.

According to the analyst’s chart analysis, Dogecoin is approaching the potential price point of $0.42 at the 0.786 Fibonacci Retracement level. If it manages to break through this barrier, it could lead to a significant jump aiming for the 1.618 Fibonacci level, which equates to a price rise above $4.0.

Investors and traders may find they have around three to four weeks to build their holdings in Dogecoin, currently valued at $0.36 each, before its potential increase to approximately $4 might occur.

Read More

2024-11-16 01:34