🚀 Dogecoin’s $1 Target Comes Into Focus — Is the Moonshot Next?

Recent price fluctuations and technical indicators suggest a Dogecoin surge. Technical analysis shows that Dogecoin's recent price behavior has laid the groundwork for $1 provided certain circumstances are satisfied.

July 15 saw Dogecoin emerge from a downward channel. This breakout marks a market structure change from continuous selling pressure to expansion from a channel that has controlled price activity since late 2024.

After breaking out of this channel in mid-July, Dogecoin began a correction on July 21 that took it back to the upper trendline of the descending channel. This move enabled Dogecoin to retest the breakthrough zone, confirming bulls' grip, the expert added.

Importantly, Dogecoin's price movement found significant support around the 0.61 Fibonacci retracement level. After rebounding from the $0.188 price bottom on August 2, it has closed three bullish 3-day candles. MMBTtrader saw these candles as a solid indicator that over-leveraged long positions have been flushed out and Dogecoin's price movement is steady for a significant higher rise.

The expert listed objectives for $1 now that Dogecoin seems to have recovered from its retest of the declining trendline. First price goal is $0.32, which matches 0.236 Fibonacci barrier and was a strong support level in December 2024. Thus, breaking this level would end a support-turned-resistance position.

The $0.40 resistance level, highlighted with a red horizontal zone on the chart, is crucial to the study. Dogecoin will enter a “extremely bullish” phase if it breaks $0.40.

Dogecoin might rise past its all-time high of $0.73 with a break above $0.40. The forecast is for $0.75 and the desired $1 price level.

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