Amid recent Dogecoin price fluctuations and its stock market crash, a crypto analyst shared a bullish forecast For this number one meme coin, identify key support and resistance areas that could dictate its future price trajectory. Analyst identified ‘rock solid’ support area for Dogecoin, signaling a potential rally to new highs once this key level is breached.
Dogecoin price prepares for a rise above 0.28 support
Balo, crypto analyst at X (formerly Twitter), has presented a detailed pricing table representing a Dogecoin analysis using Fibonacci retracement levels. The analyst recognized the $0.2814 price level within the 0.786 Fibonacci retracement zone as a “rock-solid” support area that could serve as a potential launch pad for Dogecoin’s next rally.
Although Dogecoin experienced a drop in prices and briefly tested the $0.2626 level, Balo confidently claims that this sharp decline was just a corrective low. This indicates that Dogecoin could be in the final stages of its development. consolidation before his next step.
Over the past few weeks, the Dogecoin price moved sideways after rebounding more than $0.4 in November. The popular coin quickly gave up these initial gains once market volatility set in and broader sentiment shifted away from the coins.
Although Bearish pressures afflict DogecoinBalo revealed that breaking through the resistance level at $0.339 could lead the meme coin to higher price levels. The $0.2814 support zone will act as a critical safety net for Dogecoin, potentially preventing further prices are falling.
Based on Analyst’s Price Chart, Dogecoin Expected to Retest 0.786 Fibonacci retracement level at $0.2814 before rising sharply to exceed $0.34, confirming its bullish momentum. Once this price is broken, the analyst expects Dogecoin to overcome two critical resistance zones: $0.43 and $0.48.
Once Dogecoin breaks through these resistance levels, it should aim for a final target of around $0.6 or higher. This means that the analyst expects Dogecoin to double in value once it moves out of its consolidation phase and moves past these key resistance zones.
Analyst calls Dogecoin’s local bottom
Trader Tardigrade, another crypto analyst on X, common a detailed fractal analysis of historical price action of Dogecoin. He predicted bullish price targets for Dogecoin after comparing similar trends in the meme coin’s previous and current cycles. Based on these chart patterns, Dogecoin appears to have reaches a local bottom between $0.26 and $0.3, as indicated by the green arrow and pink trendline support.
If Dogecoin follows its historical models After hitting a local bottom, trader Tardigrade predicted that the meme coin’s first target in 2025 would be $0.5. This price could act as a resistance level, with the analyst even predicting higher targets for Dogecoin. He predicted a steady price increase, predicting that Dogecoin could reach $1, $1.5, and an ultimate target of $3.2.
Featured image created with Dall.E, chart from Tradingview.com