A crypto analyst has shared a Dogecoin price chart on the daily time frame, highlighting key price levels to watch as the meme coin attempts to gain momentum. Recover towards the coveted $1 milestoneAlthough Dogecoin’s price has seen significant volatility and declines recently, crypto analysts remain confident on Memecoin’s bullish outlook.
Dogecoin price path to $1: key targets
According to Tradingview crypto analyst, ‘TheHunters_99’, Dogecoin was the first trading within a set price channelConsolidating after experiencing a significant price increase in early November. This prolonged consolidation marked the beginning of an important Dogecoin price declinePushing it back to previous lows.
Nevertheless, recent price action has seen Dogecoin successfully break out of its narrow price channel, indicating renewed bullishness. TradingView Analyst has Presented A price chart depicting Fibonacci extension levels as a key marker to keep a close eye on Dogecoin’s next potential moves towards $1.
fibonacci levels are widely used indicators to identify potential resistance and support areas for cryptocurrencies. The analyst highlighted the 1 Fibonacci level at $0.5 as his first price target for Dogecoin. At the 1.618 Fibonacci level, the next target is the $0.70 price level, which the analyst believes Dogecoin could potentially rise to, almost double its current market cap.
The third important target is the 2.618 Fibonacci level between $1 and $1.1. This key price point may be marked Dogecoin surges to psychological levelsWhere most investors can take the initiative to take profits.
The fourth and final price target highlighted by the analyst is the 1.7 Fibonacci level below $4.236. This price is more than one ambitious long term goalsGiven that the value of Dogecoin is below $0.4. Reaching this major goal will be a signal Exponential rally for DogecoinRepresents a stunning 400% increase from current levels.
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Although TradingView Analyst estimated price target Looking promising, they have highlighted important support areas for Dogecoin. The chart shows several support areas below the $0.297 price level, which acts as a safety net for Dogecoin if it experiences another price decline.
Currently, Dogecoin is seeing new momentum as its price has increased by 10% in the last 24 hours, according to CoinMarketCap. At the time of writing, the meme coin is trading at $0.34 had refused earlier An increase of 15.4% in the last week.
Historical trends indicate a 400% rally for Dogecoin
While the price of Dogecoin has seen a lot of growth deceleration speed Recently, analysts still express optimism about its bullish price potential. Crypto analyst Chrispax on X (formerly Twitter) has shared a price chart, Prediction Huge surge for Dogecoin.
According to Chrispax, Dogecoin’s Relative Strength Index (RSI) It fell below 40 on the daily time frame in early September this year. After this drop to almost oversold levels, the price of the meme coin increased by more than 400%.
The analyst has revealed that Dogecoin’s current RSI set-up has fallen below 40 again, indicating a possible repeat of historical trends. If the RSI behaves similarly to the previous performance, it may signal the beginning of another bullish price rally For Dogecoin. In this case, Chrispax estimates that the meme coin could potentially surpass the previous high to reach $0.6.
Featured image from Mashable, chart from TradingView
