Market analyst Trading Jesus has asserted that Dogecoin is on its path to $1, highlighting the meme coin’s potential resistance and support levels.
Dogecoin’s bullish upsurge has halted at a major resistance on two occasions. The largest meme coin by market cap was held back at the supply zone around $0.44, facing downward pressure on Tuesday and Wednesday.
Before then, the dog-themed meme coin was on a bullish free run, crossing multi-year price levels. DOGE is up 104% and 247% in the past week and month, boosting its market cap to $57 billion.
Amidst the correction, which market experts forewarned, analyst Trading Jesus has asserted that Dogecoin is on its path to $1 before the end of 2024. In a Thursday analysis, the commentator highlighted possible levels to watch as the meme coin aims to attain a dollar value.
Trading Jesus Provides Levels to Watch
Trading Jesus’s TradingView analysis shows that Dogecoin will attain $1 by year-end. In an accompanying 1H DOGE chart, the analyst highlighted price zones to watch during the highly anticipated upswing.
The market commentator noted that Dogecoin has supports at $0.34, $0.25, and $0.18. Notably, the $0.34 local demand zone was DOGE’s major resistance before it broke through it two days ago.
Meanwhile, Dogecoin has flipped the $0.34 zone to support and has sustainably held above the price level despite facing selling pressure from its next resistance. Trading Jesus argues that Dogecoin will break past the $0.44 resistance if it continues to hold the demand zone.
Furthermore, the market analyst asserted that a break above the current resistance will push Dogecoin by 27% to $0.56. The meme coin would further appreciate another 31% to $0.7336 before ultimately trading at $1.
Dogecoin Analysis
The 4-hour chart shows the meme coin is gaining bearish momentum. DOGE’s relative strength index (RSI) trades at 63.14, trending close to the overbought zone.
Also, the MACD indicator has flipped bearish after a crossover, with the MACD line at 0.03477 and the signal line at 0.03940. The two lines have begun widening, signaling that the bearish momentum might prevail for some time.
At the time of writing, DOGE trades at $0.3917, up less than 1% in the past 24 hours.
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