Dogecoin Price On Its Way To $1: Why A Retest Of $0.48 Is More Important Than Anything

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As a seasoned analyst with over two decades of experience in financial markets, I have witnessed countless bull and bear cycles, but none quite like the one we are currently experiencing in the cryptocurrency space, particularly with Dogecoin.

Discussion about the path Dogecoin’s price might take to reach the significant level of $1 has sparked curiosity among cryptocurrency fans and traders. If it ever manages to hit $1, it would establish a new psychological milestone for Dogecoin and potentially lead to unprecedented high prices. Yet, opinions vary on how and when this event may transpire.

According to an examination conducted on the TradingView platform, it appears that the value of Dogecoin could potentially meet resistance around $0.48, possibly dip, and then continue its climb toward $1 and even further upwards.

Dogecoin Price Could Reject At $0.48

At present, Dogecoin is being traded under the $0.48 threshold, and technical assessment indicates a significant barrier around this price point. As per the 4-hour Dogecoin price analysis, the $0.48 value is worth keeping an eye on.

The reason for this is that during the current bull market run, Dogecoin’s price hasn’t managed to surge significantly above the $0.48 mark. In fact, there have been two instances where the rally halted just shy of this price point, with the maximum Dogecoin value reaching only $0.475 on November 23 and December 8.

The analyst notes that the price of Dogecoin has seen a strong rebound from the 4-hour 200 Exponential Moving Average (EMA). This bounce suggests that the bulls are currently in charge, as the price continues to demonstrate strength against bearish trends. The combination of support at the 200 EMA and rising bullish momentum creates a base for Dogecoin’s rise, potentially leading to a test of the $0.48 mark.

It’s noteworthy that despite several attempts, Dogecoin hasn’t been able to surpass $0.48. This price point is now considered a key area of trading activity, or what analysts refer to as the ‘liquidity zone’. The TradingView expert highlights that this level continues to be significant, suggesting that Dogecoin might encounter another resistance at $0.48. Such resistance could potentially trigger a more substantial drop than any we’ve witnessed during this bull run, providing an opportunity for a pause before making another attempt at a stronger advance.

What Happens After The Retest?

Based on the analyst’s prediction, if Dogecoin fails to hold above the $0.48 mark, it could experience a substantial drop, wiping out most of its November gains. The analyst foresees this decline extending to fill the CME gap in lower regions, potentially reaching the $0.20 price range. This predicted downturn might have a severe impact on the optimism of bullish investors, particularly those hoping for a swift new Dogecoin record high price.

Although there may be a temporary dip ahead, the analyst remains optimistic about Dogecoin’s long-term prospects. When Dogecoin hits the $0.20 level and finishes its consolidation period, a powerful recovery is predicted. This recovery could propel the price beyond the current resistance at $0.48 and pave the way for Dogecoin to reach its eagerly awaited $1 target. Given these expectations, the analyst recommends the $0.24 to $0.20 range as the best opportunity for buying, maximizing potential profits from this anticipated surge.

Currently, I find myself observing the Dogecoin market, where its value stands at approximately $0.42 per coin. In the last 24 hours, there’s been a noteworthy increase of around 7%. It’s fascinating to see such movement!

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2024-12-12 22:16