A lot of elite traders are aiming for Dogecoin’s $1 threshold. But the issue remains: why? Some believe it’s only a matter of time; prominent traders such as the Tree of Alpha have hinted that anyone who pass up DOGE at 7 or 16 cents may come to regret it when it reaches $1.
At the moment, DOGE is trading at about $0.17. That’s a significant improvement over where it was a short while ago. According to the chart, DOGE has been moving above the $0.11 support level, which serves as a buffer for the asset at the moment. It may be in a good position to increase if it continues to remain above this level.
The degree of resistance? That works out to be $0.18. Should a breach occur above it, the present rally may pick up speed. And if it works, the much-discussed $1 may be the next destination. To get there, though, DOGE must first ascend a few levels, including significant psychological benchmarks like $0.5, $0.75, and so forth.
A few things might be helpful for DOGE to rally to the moon. A significant push may occur if it begins to be accepted as payment on a large platform. Not to mention Elon Musk, who has become DOGE’s unofficial cheerleader. His tweets have already caused it to soar.
Will DOGE reach $1 then? Although no one can say for sure, traders with a track record of success have expressed confidence in DOGE’s optimistic future. Keep a watch on the levels of local resistance if you are holding or observing DOGE. Should a breakthrough occur, we may be in for a wild ride. But there’s always a danger associated with every investment.
