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Numerous top-tier traders are eyeing the $1 mark for Dogecoin. The question arises though: why? Some say it's just a matter of time, with big traders like the Tree of Alpha hinting that those who do not grab DOGE at 7 cents or 16 cents might regret it when it hits $1.
Currently, DOGE is hovering around $0.17. That is a good jump from where it was just a while back. The chart shows us that DOGE has been dancing above the support level near $0.11, which acts as a safety net for the asset right now. If it stays above this line, it could be in a strong position to rise.
The resistance level? That's at about $0.18. A breakthrough above it would potentially mean an acceleration of the current rally. And if it does, the next stop could be at the much-talked-about $1. But DOGE has a few steps to climb before it gets there, including important psychological levels like $0.5, $0.75 and so on.
For DOGE to rally to the moon, a couple of things might help. One big push could come if it starts being used for payments on some big platform. And don't forget Elon Musk — the unofficial cheerleader for DOGE. His tweets have sent it flying before.
So, will DOGE hit $1? Nobody knows for sure, but traders with a proven record and history believe in the bullish potential of DOGE. If you are watching or holding DOGE, keep an eye on local resistance levels. In case of a breakthrough, we could be in for a ride. But like any investment, there is always a risk.
Alex Dovbnya
