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Dogecoin Price Setup Could Send the Memecoin to $1: Here’s the Outlook
In a remarkable turnaround, Dogecoin has broken through a long-term descending resistance line and is now trading above it. This move has been accompanied by significant buying pressure and rising volume, indicating renewed interest from traders.
Technical analyst Chris, who made a notable call on Bitcoin’s recent surge, believes that this development could ultimately propel DOGE to new all-time highs, potentially even reaching the highly coveted $1 mark. He notes that the setup bears similarities with previous cycles, where such breakouts have consistently led to explosive price moves.
The breakout above resistance has transformed a former key area of contention into a crucial support zone, with many analysts now pointing to this level as a “buy-the-dip” opportunity for long-term investors. Any sustained trading above this threshold could trigger further buying momentum and accelerate the token’s upward trajectory.
As DOGE continues to climb, attention is turning to potential price targets near $0.70 and beyond. If the current price action sustains its momentum and stays clear of key resistance, the memecoin may well be on track to shatter previous highs.
Source: blockonomi.com
