Dogecoin is about to break through the $1 mark - the price is difficult to break through the main resistance level

DOGE (DOGE) is currently trading below the key resistance level, indicating a possible bullish breakthrough. However, the price has been struggling to break through this key barrier, bringing uncertainty to the next major trend. It is crucial for DOGE to break through this resistance level in order to set new highs and reignite investor enthusiasm.
Top cryptocurrency analyst Scofield recently shared a detailed Technical Analysis of X, emphasizing that DOGE is ready to test the psychological barrier of $1. According to Scofield, the recent price movement near the resistance level suggests consolidation, which is usually a precursor to a decisive trend. He emphasized that a breakthrough at this level may trigger a rebound, propelling the price towards its long-awaited milestone.
Despite the optimistic attitude, traders should still proceed with caution. The inability to break through the resistance indicates that the market may need stronger buying pressure or catalysts to trigger the next pump. If DOGE fails to break through, it could potentially fall back to lower levels, which could dampen the current bullish sentiment.
With signs of recovery in the market, DOGE remains the focus of investors seeking high-rise opportunities. The next few days are likely to determine whether DOGE can regain momentum and seriously push towards the $1 level.
Dogecoin has broken through the key supply level and is expected to rebound, which could significantly push up the price. Currently, Dogecoin is following the last major resistance zone and must break through this zone to confirm the start of a new Bull Market cycle. This level represents a decisive point and a successful breakthrough may attract tremendous buying pressure.
Top analyst Scofield, known for his accurate technical predictions, recently shared his insights on the current trend of DOGE on X. His analysis emphasizes the bullish triangle pattern formed on the DOGE chart, which typically indicates an upcoming breakout. According to Scofield, the apex of this pattern suggests that DOGE is about to make a decisive move, and if the breakout becomes a reality, the psychological level of $1 will become the next major target.
Scofield's Technical Analysis emphasizes the key support level that DOGE has successfully held, enhancing the bullish potential of the asset. The triangle pattern also reflects a decrease in dumping pressure, consistent with the increasingly optimistic sentiment of traders. However, Scofield warns that failure to break the resistance level may lead to a retest of lower levels, thereby delaying the expected Rebound.
With the increasing follow of DOGE in the Cryptocurrency market, everyone's attention is focused on this key resistance zone. Breaking through this resistance zone will indicate a new bullish trend, laying the foundation for DOGE to test and potentially break the $1 mark.
DOGE is currently trading at $0.426, having pumped 18% earlier, testing the local supply level of $0.43. This crucial resistance level is a challenge for DOGE as it has been struggling to break through it for over two weeks. Despite the recent strong pump momentum, the market remains cautious, with analysts emphasizing that breaking $0.43 is of decisive significance.
Successful breakthrough of this resistance level may lay the foundation for a significant rebound, attracting new interest from retail investors and institutional investors. Historically, this kind of breakthrough in DOGEPA has triggered a major pump, making this level a key focus for market participants to follow. However, failure to break through $0.43 may result in further consolidation at this level, dampening bullish sentiment.
The uncertainty lies in the potential pullback risk. If DOGE fails to maintain its current level or faces greater dumping pressure, it may return to a lower price point, possibly retesting the support level of $0.38 or lower. Analysts emphasize the need for patience as DOGE's next major move may depend on breaking the resistance level of $0.43. Currently, the trend of DOGE is still uncertain, but the possibility of a breakthrough makes it followed by traders and investors.
(Data Source: Sebastian Villafuerte)