Market analyst Trading Jesus has claimed that Dogecoin is on track towards $1, highlighting potential resistance and support levels for the meme coin.
Dogecoin’s bullish resurgence has stopped at major resistance twice. The largest coin by market cap was held in the supply zone around $0.44, facing downward pressure on Tuesday and Wednesday.
Before that, the dog-themed meme coin was on a bullish free run, crossing multi-year price levels. DOGE is up 104% and 247% over the past week and month, bringing its market cap to $57 billion.
Amid the correction, which market experts warnedanalyst Trading Jesus claimed that Dogecoin is on track to reach $1 before the end of 2024. In an analysis on Thursday, the commentator highlighted possible levels to watch as the meme coin aims to reach a value in dollars.
Trading Jesus provides levels to watch
Swap Jesus’ Trading View analysis shows that Dogecoin will reach $1 by the end of the year. In an accompanying DOGE 1H chart, the analyst highlighted price areas to watch during the highly anticipated rally.
The market commentator noted that Dogecoin has supports at $0.34, $0.25, and $0.18. Notably, the local demand zone of $0.34 was that of DOGE. major resistance before drilling it two days ago.
In the meantime, Dogecoin tipped the $0.34 area towards support and held sustainably above the price level despite selling pressure from its next resistance. Trading Jesus argues that Dogecoin will break above the $0.44 resistance if it continues to hold the demand zone.
Furthermore, the market analyst claimed that a break above the current resistance would push Dogecoin by 27% to $0.56. The meme coin would appreciate another 31% to $0.7336 before finally trading at $1.
Dogecoin Analysis
The 4-hour chart shows that the meme coin is gaining bearish momentum. DOGE’s Relative Strength Index (RSI) is trading at 63.14, hovering near the overbought zone.
Furthermore, the MACD indicator turned bearish after a crossover, with the MACD line at 0.03477 and the signal line at 0.03940. Both lines have started to widen, signaling that bearish momentum may persist for some time.
At the time of writing, DOGE is trading at $0.3917, up less than 1% in the last 24 hours.
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