• Dogecoin is currently trading at $0.248 with indicators showing a weak momentum.
• Analysts are pointing to the 0.618 Fibonacci level as the key resistance, which can break out a rally toward $1.
• Forecasts suggest a drop in the coin to $0.245342 with a potential ROI of 0.67%.

Dogecoin(DOGE) is now consolidating between $0.24 -$0.26. Analyst Cryptosurf has ignited a bullish hope for DOGE, suggesting a breakout that could take the coin to the target $1. At press time, the coin is trading at $0.248 after a small pullback of nearly $2.68% over the past 24 hours.

DOGE Nears Breakout-Analyst Eyes On $1

According to the recent update on X by the user named CryptoSurf, DOGE is entering the 0.618 Fibonacci retracement level, as shown in the weekly chart. A breakout above this zone might trigger a strong rally toward $1.

Also Read: Dogecoin Targets $0.27 and $0.30 Rebound Amid Growing Market Recovery Signs

DOGE Price Is At Key Levels: Signalling Weak Momentum

According to the data curated from TradingView, the coin is in a consolidation phase between $0.24–$0.26 after the recent price falls. The major support is at $0.220, and the resistance zone is between $0.255–$0.260. The MACD indicator is slightly above the signal line. Histogram bars are neutral and show a weak momentum.

While thinking about the coming days, if Doge breaks above the $0.255 -$0.260 zone with a volume, it might signal a bullish trend. Forecasting September as on thinking from its past data, DOGE could pick up again, pushing the price upward from the consolidation phase.

Also Read: Is Dogecoin Poised for a Bullish Breakout to $0.60?

Forecast Shows Short-Term Bearish Signals

The forecast from Coincodex suggests a bearish trend for the coin on October 10. The price is expected to drop to $0.245342, with a potential ROI of 0.67%. As DOGE is currently trading at $0.245342, according to the data from CoinCodex, DOGE may face a short-term drop. The price is expected to slip to $0.2453, which is a 1.07% decline from the current price level.

In conclusion, Dogecoin’s short-term trend is leaning toward a bearish momentum. If the MACD indicator is slightly bullish, yet it lacks volume, and the histogram remains neutral. But the analysts are pointing to the critical 0.618 Fibonacci level, which can spark a rally towards $1 mark. Even though the forecasts paint a more cautious picture, market sentiments still create a hope for a new breakout.