Dogecoin is on its way to $1: Why checking back at $0.48 is important

The journey of Dogecoin price heading towards the coveted $1 mark has been a topic of interest for both cryptocurrency enthusiasts and traders. Reaching $1 will solidify Dogecoin to a new psychological threshold and to an all-time high price. However, there have been different opinions on the method and timing of this happening. Technical analysis on the TradingView platform suggests that the price of Dogecoin may encounter resistance at the $0.48 level, drop down, and then continue to rise to $1 and beyond. The price of Dogecoin may be rejected at $0.48. Dogecoin is currently trading below $0.48, but technical analysis has identified a significant resistance level around this price. According to the 4-hour candlestick price analysis of Dogecoin, $0.48 is a price level to watch. This is because Dogecoin's price has not yet shown significant breakthroughs at this level during the current bull market cycle. In particular, the price increase has been highlighted by two rejections just below $0.48, with the highest Dogecoin price to date being $0.475 on November 23 and December 8. The analyst pointed out that Dogecoin's price recently saw a strong bounce from the 200EMA on the 4-hour timeframe. This bounce indicates that the buying side is still in control, as the price continues to show potential for recovery before the downward pressure. The confluence of support at 200EMA with the momentum of price increase sets the foundation for Dogecoin's price action, paving the way for the expected test at $0.48. It's interesting that Dogecoin can't surpass the $0.48 mark, but this price level is still considered a liquidity area. TradingView analyst emphasizes that this level is still a focal point, predicting that Dogecoin may face another rejection at the $0.48 level. Such a rejection could lead to a deeper retreat than any retreat seen so far in this price increase cycle and create an opportunity to consolidate before attempting a stronger breakthrough. What happens after the retest? According to analysts, a rejection at $0.48 would cause a significant decline in Dogecoin's price and erase most of the gains it has accumulated in November. Specifically, analysts envision a drop to fill the CME gap at lower levels up to $0.20. Such a move is expected to have a devastating impact on the optimism of investors, especially those who predict that Dogecoin's price will quickly reach an all-time high. Despite this predicted pullback, analysts still maintain a long-term bullish outlook. When Dogecoin reaches the $0.20 level and completes its consolidation phase, a strong recovery is expected. This recovery is predicted to propel the price decisively above the $0.48 resistance level and pave the way for Dogecoin's journey towards the highly anticipated $1 milestone. In light of this, the analyst emphasized that the $0.24 to $0.20 range is an ideal buying zone to best capitalize on this move.