Dogecoin Price On Its Way To $1: Why A Retest Of $0.48 Is More Important Than Anything

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The Dogecoin price  journey toward the coveted $1 markhas been a topic of interest for crypto enthusiasts and traders alike. Reaching $1 would solidify Dogecoin into a new psychological threshold and into new all-time high prices. However, there have been differing perspectives as to how and whenthis would happen.

A technical analysison the TradingView platform suggests that the Dogecoin price may encounter resistance at $0.48, experience a decline, and then resume its upward trajectory towards $1 and beyond. Dogecoin Price Could Reject At $0.48

Dogecoin is currently trading below the $0.48 mark, but technical analysis has pointed to a notable resistance situatedaround this price level. According to the Dogecoin price analysis of the 4-hour candlestick timeframe, the $0.48 price level is one to watch. Related Reading XRP Price Prediction: Last Phase Of ABC Wave Points To A Bounce To New ATH At $5.85 23 hours ago

This is because the Dogecoin price has yet to exhibit a notable break above this price level throughout the current bull market cycle. Particularly, the rally has been highlighted by two rejections just below the $0.48 price level, with the highest Dogecoin price so far being $0.475 on November 23 and December 8.

The analyst points out that the Dogecoin price recently experienced a solid bounce from the 200EMA on a 4-hour timeframe. This bounce signifies that the bulls are still in control, as the price continues to show resilience against downward pressure. The confluence of support at the 200EMA with bullish momentum provides a foundation for Dogecoin’s upward movement, setting the stage for the anticipated test of the $0.48 level.

Interestingly, Dogecoin’s inability to break above $0.48 yet has seen the price level being regarded as the zone of liquidity. The TradingView analyst emphasizes that this level remains a focal point, predicting that Dogecoin is likely to face another rejection at $0.48. Such a rejection could lead to a pullback deeper than any seen so far during this bull cycle and offer an opportunity for consolidation before attempting a stronger breakout.  What Happens After The Retest?

According to the analyst, a rejection at the $0.48 price level would see the Dogecoin price falling significantly and erasing most of the gains it piled up in November. Particularly, the analyst envisions a fall to fill the CME on lower zones up to the $0.20 price zone. Such a move is expected to have a devastating effect on the sentiment of bullish investors, specifically those anticipating a quicknew Dogecoin price all-time high. Related Reading Solana Price At $4,000? Cup And Handle Pattern Shows Why This Is Possible 1 day ago

Despite this anticipated pullback, the analyst maintains a longer-term bullish outlook. Once Dogecoin reaches the $0.20 zone and completes the consolidation phase, a strong rebound is expected to follow. This rebound is projected to drive the price decisively past the $0.48 resistance and set the stage for Dogecoin’s journey toward the much-anticipated $1 milestone. With this in mind, the analyst highlighted the $0.24 to $0.20 range as the ideal buying zone to best capitalize on this move. Source: TradingView

At the time of writing, the Dogecoin price is trading at $0.42 and is up by 7% in the past 24 hours.  DOGE price holding at $0.41 | Source: DOGEUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com