Analyst Predicts Dogecoin's Potential Surge to $1 as Support Levels Rise

Market analyst Trading Jesus expresses optimism for Dogecoin's (DOGE) trajectory toward reaching the $1 mark. He highlights key resistance and support levels that could shape its price movement.

Recently, Dogecoin's bullish momentum encountered resistance around the $0.44 level, causing a temporary setback. However, despite this correction, Trading Jesus maintains a positive outlook.

Prior to this, DOGE had experienced a significant bull run, reaching multi-year highs and showing remarkable growth in market capitalization.

In his analysis, Trading Jesus outlines key support levels at $0.34, $0.25, and $0.18. Notably, the $0.34 level, once a major resistance, has now become a crucial support after Dogecoin successfully broke through it.

The analyst believes that Dogecoin's ability to hold above $0.34 will enable it to overcome the $0.44 resistance, potentially leading to further gains. If this occurs, DOGE could potentially surge by 27% to $0.56, then another 31% to approximately $0.73, before reaching the anticipated target of $1.

However, an analysis of the 4-hour chart suggests that Dogecoin is currently facing bearish momentum. The relative strength index (RSI) is approaching the overbought zone, while the MACD indicator has recently turned bearish. These indicators suggest a potential continuation of the downward trend.

As of now, Dogecoin trades at $0.3917, with a slight increase of less than 1% over the past 24 hours.

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