Analyst Is Optimistic In Potential Dogecoin Increase As Support Levels Now Rise

An analyst is optimistic in potential dogecoin increase as support levels now rise highlighting key resistance that could influence its price trajectory to reach $1.

Market analyst Trading Jesus has indicated that Dogecoin (DOGE) is on track to reach $1, emphasizing its potential resistance and support levels.

Recently, Dogecoin’s upward momentum has stalled at a significant resistance point, experiencing downward pressure around the $0.44 supply zone on Tuesday and Wednesday.

Prior to this, the meme coin had a strong bullish run, achieving multi-year highs and recording increases of 104% over the past week and 247% over the past month, pushing its market capitalization to $57 billion.

Despite the anticipated correction, Trading Jesus remains optimistic, predicting that Dogecoin could hit $1 by the end of 2024.

In a Thursday analysis, he outlined key price levels to monitor as the coin aims for this milestone.

According to Trading Jesus’s analysis on TradingView, Dogecoin has established support levels at $0.34, $0.25, and $0.18.

Notably, the $0.34 level, which was previously a major resistance, has now flipped to support after Dogecoin broke through it two days ago.

The coin has maintained its position above this support despite facing selling pressure.

Trading Jesus believes that if Dogecoin can maintain above the $0.34 level, it may break through the $0.44 resistance, potentially rising by 27% to $0.56, and then another 31% to approximately $0.73 before finally reaching $1.

However, analysis of the 4-hour chart shows that Dogecoin is currently gaining bearish momentum.

The relative strength index (RSI) stands at 63.14, nearing the overbought zone.

Additionally, the MACD indicator has recently turned bearish, indicating that this downward trend could persist for a while.

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

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Also Read: Everything You Need To Know About Dogecoin Crypto

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Frank Nez

Frank Nez is an American retail journalist whose research has been cited by SEC and Congressional reports. Frank Nez has been featured by prominent outlets such as TheStreet and NewsBreak. ‘Daily Crypto News’ is now an official CoinMarketCap news source.

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