Dogecoin price could reach $1, says billionaire Mark Cuban

• Mark Cuban has endorsed Dogecoin once again, stating that it could reach $1.
• The digital asset had a significant 24% rally in the past day but has retraced hard.
• DOGE remains bullish in the short-term despite the recent 10% sell-off.

Dogecoin price has once again spiked towards $0.063 after Mark Cuban, owner of the Dallas Mavericks predicted that the digital asset should reach $1. 

If we sell 6,556,000,000 DOGE in Mavs merchandise, Dogecoin should definitely reach $1. 

Dogecoin sees a lot of success as payment method 

According to Mark Cuban, the Dallas Mavericks have already done more than 20,000 Dogecoin in transactions- Dogecoin is often used as a payment method and cryptocurrency to send funds through exchanges as it is fast and has a low fee.

DOGE/USD 12-hour chart

In the past 24 hours, Dogecoin price had a 24% rally towards $0.063 following Mark Cuban comments. However, the TD Sequential indicator is on the verge of presenting a sell signal on the 12-hour chart which could quickly send Dogecoin down to $0.05 again. 

DOGE IOMAP chart

To invalidate the potential sell signal, bulls will need to push Dogecoin price above the last high. The In/Out of the Money Around Price (IOMAP) chart shows that the most significant resistance area is located between $0.057 and $0.059. A breakout above this point will push Dogecoin price towards $0.065 as there is weaker resistance ahead.