Dogecoin Breaks Through Key Resistance Level – $1 Within Reach?

Dogecoin price has dropped 4% today, down to $0.4334 as the entire cryptocurrency market lost 2.5% in the past 24 hours. Despite this decline, DOGE still rose 5% in a week and 105% in the past month, while this meme token also surged an impressive 325% in the past 12 months. Before the decline this morning, this currency had actually surpassed the important resistance level of $0.46, although its retreat to the $0.43 level suggests that we may have to wait before the currency firmly crosses this threshold. However, the waiting time may not be too long, as Dogecoin is still one of the most notable meme currencies after Trump's victory. Dogecoin breaks through important resistance level - Is DOGE about to reach $1? Like many other tokens today, the chart of DOGE shows that this currency is facing significant selling pressure, but the positive point is that it will recover by the end of the week. The RSI (purple) indicator has touched the level of 30 in the past hour, which is a clear sign of oversold condition.

However, we may not see a true recovery until the 30-period moving average (orange line) drops below the 200-period moving average (blue line), at which point oversold conditions will have gone too far. And when the price has gone too far, the discount price of Dogecoin will attract buyers, who will seek to buy in when the price drops. We haven't seen any significant buying from whales in about a week , which indicates a lack of necessary momentum to push the price up to $0.50. But what is encouraging is that, despite some profit-taking activity and uncertainty, DOGE remains stable around the $0.43 support level. The stability at this level has ensured that traders remain optimistic about the prospects of Dogecoin, with some holding and analysts predicting the price will soon rise to $1 and even higher.

Based on these factors, DOGE could reach $1 by the second half of 2025 and $2 by the fourth quarter.