Dogecoin's Prospects to Break $1: Analysts Reveal Key Conditions
Breaking Through the 'Hell' Resistance is Key
VisionPulsed mentions that Dogecoin has faced strong resistance from several Fibonacci retracement levels and moving averages since its peak in 2021. He refers to these resistances as the 'Five Layers of Hell'. Currently, Dogecoin has broken through the first three layers, but the fourth layer remains the biggest challenge. Historical experience suggests that after a breakout, prices may retrace and test these key areas again.
Bitcoin's Breakout is a Key Catalyst
Bitcoin's performance is crucial for Dogecoin. VisionPulsed believes that Bitcoin's key resistance level is $94,000, and breaking through this point could lead Bitcoin to rise to $100,000 or even $128,000, which would directly drive Dogecoin up.
If Bitcoin fails to break through $94,000, the market's upward momentum may be suppressed, and Dogecoin may enter a prolonged period of sideways consolidation.
Dogecoin's Trend: Primarily Sideways Consolidation, but with Upside Potential
Although Dogecoin may consolidate sideways in the short term, the rebound in its RSI indicator suggests there are some bullish signals in the market. VisionPulsed states that there has not yet been an 'overbought' extreme before a surge, so he believes there is still potential for Dogecoin to rise in the short term.
VisionPulsed expects Bitcoin to consolidate sideways from late April to May. If Bitcoin breaks through $94,000 and turns it into a support level, Dogecoin may see a breakout and challenge the $1 mark.
Currently, Dogecoin is priced at $0.181. Although there is still some distance to $1, if Bitcoin breaks through key technical resistance, Dogecoin is likely to break out of its consolidation and challenge the $1 target.
