Why A Retest Of $0.48 Is More Important Than Anything
Dogecoin Price The journey towards the coveted $1 mark It has always been a topic of interest to cryptocurrency enthusiasts and traders. Reaching $1 would allow Dogecoin to consolidate to a new psychological threshold and reach a new all-time high price. However, there are already Different perspectives on how and when to proceed This will happen.
one technical analysis Data on the TradingView platform suggests that Dogecoin price may encounter resistance at $0.48, experience a decline, and then resume an upward trajectory closer to $1 and above.
Dogecoin Price May Reject $0.48
Dogecoin is Currently trading below the $0.48 markbut technical analysis points out significant resistance level around this price level. According to Dogecoin price analysis on the 4-hour candlestick time frame, the $0.48 price level is worth watching.
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This is because the price of Dogecoin has yet to significantly break out of this price level during the current bull cycle. In particular, this rally was highlighted by two rejections of sub-$0.48 price levels, with Dogecoin’s highest price to date reaching $0.475 on November 23 and December 8.
Analysts noted that Dogecoin price recently experienced a strong rebound from the 200EMA on the 4-hour time frame. This rally suggests that bulls are still in control as prices continue to show resilience against downward pressure. The confluence of support at the 200 EMA and bullish momentum sets the stage for Dogecoin’s rise, setting the stage for an expected test of the $0.48 level.
Interestingly, Dogecoin has yet to break above $0.48, so this price level is considered a liquidity zone. TradingView analysts emphasized that this level remains a focus and predicted that Dogecoin may face another rejection at $0.48. This rejection could lead to a deeper pullback than seen so far in this bull cycle and provide an opportunity for consolidation before a stronger breakout is attempted.
What happens after retesting?
The analyst said that rejection of the $0.48 price level would cause Dogecoin’s price to drop significantly and wipe out most of the gains accumulated in November. In particular, analysts expect CME price to drop to the lower $0.20 area. The move is expected to have a devastating impact on bullish investor sentiment, especially those expected soon New Dogecoin price hits all-time high.
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Despite expectations for a pullback, analysts maintain a bullish long-term outlook. A strong rebound is expected once Dogecoin reaches the $0.20 zone and completes the consolidation phase. The rally is expected to push the price decisively above the $0.48 resistance and set the stage for Dogecoin to move toward the highly anticipated $1 milestone. With this in mind, analysts highlight the $0.24 to $0.20 range as the ideal buying area to best take advantage of this move.
As of this writing, Dogecoin is trading at $0.42, up 7% in the past 24 hours.
Featured image created using Dall.E, chart from Tradingview.com
