Dogecoin Coin Eyes Rally To $1 As Buy Opportunity Returns

Crypto analyst Investing Scope has predicted that the Dogecoin price is set to reach the much-anticipated $1 level.

Crypto analyst Investing Scope has predicted that the Dogecoin price is set to reach the much-anticipated $1 level. The analyst also suggested that now is a great time to accumulate the foremost meme coin as a once-in-a-year buy opportunity returns.

Dogecoin Price Eyes Rally To $1 As Buy Opportunity Returns

The Dogecoin price is eyeing a rally to $1 as a buy opportunity returns. In a TradingView post, Investing Scope mentioned this $1 target while revealing that this once-in-a-year buy opportunity is aiming for the 1.618 Fibonacci extension on the higher high trendline. His accompanying chart showed that the projected rally for DOGE is already in play and that a deeper correction is unlikely.

Commenting on the current Dogecoin price action, the analyst stated that DOGE is neutral on its 1-day technical outlook. He added that the foremost meme coin is recovering from its prior oversold state and testing the 1-week MA50 for the first time in three weeks.

This current rebound is said to have been made after the Dogecoin price touched the 1-week MA200, which the analyst claimed is the new long-term bottom, similar to August 5th, 2024, and October 9th, 2023.

Crypto analyst Master Kenobi also recently predicted that the Dogecoin price could reach $1 by June later this year. The analyst revealed that DOGE is mirroring a bullish pattern from the 2017 bull run, which is why he believes that the foremost meme coin could reach this price target. This projected rally to $1 will represent the second phase of Dogecoin’s bull run, just the same way there were two equal pumps in the 2017 market cycle.

Key Levels To Watch For DOGE

In an X post, crypto analyst Ali Martinez revealed the key levels to watch for the Dogecoin price. He highlighted $0.177 and $0.207 as the major support and resistance levels for the foremost meme coin. He added that these levels are crucial for determining the next price movement.

Major levels to watch for $DOGE.

Support:

-$0.177 (key level)

-$0.16 (psychological level)

-$0.14 (Fib retracement)

Resistance:

-$0.207 (key level)

-$0.21 (SuperTrend breakout)

-$0.22 (Fib extension)

These levels will be crucial for the next price move.

Stay tuned! 🐶

— Ali Martinez (@ali_crypto_owner) April 11, 2024

In an earlier post, Martinez stated that the SuperTrend indicator suggests that the Dogecoin price could enter a bullish phase upon breaking the $0.21 resistance level.

The SuperTrend indicator on the 1-day chart suggests that $DOGE could enter a bullish phase if it manages to break the $0.21 resistance level. A break above this level could negate the bearish trend and open the door for further gains.

— Ali Martinez (@ali_crypto_owner) April 10, 2024

Market participants are betting on a bullish reversal for DOGE as Martinez revealed that 76.65% of traders on Binance futures are long on the meme coin.

Crypto analyst Trader Tardigrade is also predicting massive moves for the Dogecoin price. In one post, he stated that the meme coin’s macro chart follows the DOGE cycle. His accompanying chart showed that the foremost meme coin could rally to as high as $8 in this market cycle.

Dogecoin Macro Chart.

This chart follows the $DOGE cycle.

It's still early in this cycle (August 2023).

We're currently at the 0.236 Fib.

Next key levels:

- 0.382 Fib

- 0.5 Fib

- 1.618 Fib (likely 2024.Q4).

Enjoy the ride! 🐶

Don't forget to zoom out.

Chart: TradingView pic.twitter.com/1qZ3L8uB84— Trader Tardigrade (@TraderTardigrade) April 11, 2024

At the time of writing, the Dogecoin price is trading at around $0.18, down over 6% in the last 24 hours, according to data from CoinMarketCap.