A cryptocurrency analyst has shared a Dogecoin price chart on a daily time frame, highlighting key price levels to pay attention to as you try the meme coin. Recovery towards the desired $1 mark. Although the price of Dogecoin has seen significant fluctuations and declines recently, the cryptocurrency analyst remains confident in the bullish outlook for the memecoin.
Dogecoin price path to $1: main goals
According to TradingView cryptocurrency analyst TheHunters_99, Dogecoin previously existed. Trading within a specific price channelconsolidating after seeing a significant price increase earlier in November. This prolonged unification made a huge impact Dogecoin price collapsewhich pushed it to its previous lows.
However, recent price action has seen Dogecoin successfully break out of a narrow price channel, indicating renewed bullish momentum. TradingView Analyst has foot Price chart revealing Fibonacci extension levels as key signs to closely watch for Dogecoin’s next potential moves towards $1.
Fibonacci levels They are widely used indicators to identify potential resistance and support areas for cryptocurrencies. The analyst highlighted the Fibonacci 1 level at $0.5 as the 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 is likely to rise to, representing almost double its current market value.
The third important target is located between $1 and $1.1 at the 2.618 Fibonacci level. This key price point can be a sign Dogecoin’s rise to the psychological levelThis is where most investors can start making profits.
The fourth and final price target highlighted by the analyst is the 4.236 Fibonacci level below $1.7. This price is more than An ambitious long-term goalConsidering that the value of Dogecoin is less than $0.4. Reaching this main goal will mean… Huge rise for Dogecoinwhich represents a staggering 400% rise from current levels.
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Although the TradingView Analyzer Expected price targets Looking promising, it has highlighted important support areas for Dogecoin. The chart shows multiple support areas below the $0.297 price level, acting as a safety net for Dogecoin if it experiences another price pullback.
Currently, Dogecoin is seeing renewed momentum, with its price up 10% in the past 24 hours, according to CoinMarketCap. As of the time of writing, the meme coin is trading at $0.34 Previously rejected By 15.4% over the past week.
Historical trends point to a 400% upside for Dogecoin
While the price of Dogecoin witnessed a significant increase Downward momentum Recently, analysts continue to express optimism about the price’s upside potential. Cryptocurrency analyst KrissPax on X (formerly Twitter) shared a price chart, Prediction Huge boom for Dogecoin.
According to Chris Backes, Dogecoin Relative Strength Index (RSI) It fell below 40 on the daily time frame in early September this year. After this decline to near oversold levels, the meme coin saw a price surge, rising by over 400%.
The analyst revealed that Dogecoin’s current RSI setting has just dropped below 40 again, indicating a potential repeat of historical trends. If the RSI behaves similarly to the previous performance, it may signal the beginning of another performance Bullish price rise For Dogecoin. In this case, KrissPax predicts that the meme will likely surpass previous highs to reach $0.6.
Featured image from Mashable, chart from TradingView
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