Will DOGE hit 1 dollar? Analyst: Breaking through these two key price levels will trigger an extremely bullish market.

The recent price movement and technical indicators of DOGE indicate that it is brewing a strong rebound. According to crypto analyst MMBTtrader, DOGE has completed the breakout and backtest of the long-term downtrend channel, and the technical aspect is opening up a pathway to challenge 1 USD. However, before reaching this historic price level, the market must first overcome two key resistances.

Breakout from the downtrend channel, bulls regain control of the market

(Source: Trading View)

Breakthrough time: July 15, DOGE successfully broke through the descending parallel channel that has suppressed the price since the end of 2024.

Backtesting confirmation: On July 21, the price retraced and touched the upper channel, completing a healthy retest.

Key support: 0.61 Fibonacci retracement level (approximately 0.188 USD) has become the starting point for the Rebound, with three consecutive bullish three-day candlesticks formed after the bottom on August 2.

MMBTtrader believes that this backtest indicates that the overly leveraged bulls have been washed out, the market structure is more stable, and the bullish force has regained dominance.

Two Key Price Levels Impacting $1

1, 0.32 USD (0.236 Fibonacci resistance level)

· Became a strong support level in December 2024.

· After the breakout, it will confirm the reversal of support turning into resistance, laying the foundation for further upward movement.

2, $0.40 (extremely bullish trigger point)

· The key red resistance area on the chart.

· Once it breaks through, DOGE will enter the “extremely bullish” phase, targeting the historical high of 0.73 USD, and even challenging 1 USD.

Current Market Conditions and Technical Keys

Current Price: 0.2355 USD

Short-term increase: 24-hour rise of 6.2%, 7-day rise of 17.7%

Key support: 0.5 Fibonacci level (0.216 USD)

Bullish conditions:

· The price needs to remain stable above 0.216 dollars

· The trading volume must increase simultaneously when breaking through resistance.

Analyst’s View: 1 Dollar is Not Out of Reach

MMBTtrader pointed out that if DOGE breaks through 0.40 USD, it will unleash strong upward momentum, driving the price to successively break through 0.73 USD and 0.75 USD, ultimately reaching the psychological barrier of 1 USD. This will be a significant milestone in DOGE’s history and may trigger a new wave of meme coin frenzy.

Conclusion

DOGE is at a critical moment from a technical perspective. A breakout above $0.32 will open up upward space, while breaking through $0.40 could trigger an extremely bullish market, laying the groundwork for a challenge at $1. For investors, the upcoming battle for resistance levels will determine whether DOGE can achieve a historic breakthrough.