A crypto analyst has shared a daily Dogecoin price chart, highlighting key price levels to watch out for as the meme coin struggles recover to $1 milestone. Although the price of Dogecoin has seen significant fluctuations and declines recently, the crypto analyst remains convinced of memecoin’s bullish outlook.
Dogecoin Price Path to $1: Key Targets
According to crypto analyst TradingView, ‘TheHunters_99,’ Dogecoin has been around for a while channel trading with defined valuesincluding after experiencing a significant price increase in early November. This combination for a long time caused a remarkable Dogecoin price crashit takes it back to the previous low.
However, recent price action has seen Dogecoin successfully breaking out of its sub-price channel, indicating renewed bullish momentum. TradingView Analyst has it introduced a price chart that reveals Fibonacci expansion levels as important brackets to carefully monitor the possible advance of Dogecoin to $1.
Fibonacci levels are widely used indicators to identify areas of potential resilience and support for capital expenditures. The analyst highlighted the 1 Fibonacci level at $0.5 as his first price target for Dogecoin. At the Fibonacci level of 1.618, the next target is the price level of $0.70, the analyst who believes that Dogecoin may rise, representing almost twice its current market value.
A third key target is between $1 and $1.1 at the Fibonacci level of 2.618. This key price point can mark The rise of Dogecoin on a psychological levelwhere many investors can start taking 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 long-term ambitious goalconsidering the value of Dogecoin is less than $0.4. Achieving this key target will mean i Dogecoin’s exponential rallyrepresenting a staggering 400% increase from current levels.
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Although the TradingView analyst target values looks promising, he has highlighted critical areas to support Dogecoin. The chart shows multiple support areas below the price level at $0,297, which acts as a safety net for Dogecoin if it experiences another price pullback.
Currently, Dogecoin is seeing renewed momentum, as its price has gained 10% in the last 24 hours, according to CoinMarketCap. As of writing, meme coin is trading at $0.34, it has previously declined by 15.4% last week.
Hint Historical Trends Hint At 400% Rally For Dogecoin
While the price of Dogecoin has proven remarkably bearish momentum recently, analysts are still optimistic about its bullish price potential. Crypto analyst KrissPax on X (formerly of Twitter) shared a price chart, prediction The highest value of Dogecoin.
According to KrissPax, Dogecoin’s Relative Strength Index (RSI) it dropped below 40 during the day in early September this year. Following this drop to near oversold levels, the meme coin had a price rally, rising over 400%.
The analyst pointed out that Dogecoin’s current RSI setup has recently dipped below 40 again, indicating a potential repeat of historical trends. If the RSI behaves in the same way as in the previous performance, it can indicate the beginning of another bullish price rally of Dogecoin. In this case, the KrissPax project meme coin may have the potential to surpass the previous high to reach $0.6.
Featured image from Mashable, chart from TradingView