Amid recent Dogecoin price fluctuations and its market crash, a crypto analyst has shared a bullish forecast for this number one meme coin, identifying key areas of support and resistance that could dictate its future price path. The analyst has identified a “rock solid” support zone for Dogecoin, indicating a possible rally towards new highs once this key level is broken.
Dogecoin price prepares to take off above 0.28 support
Balo, a crypto analyst at X (formerly Twitter), has presented a detailed price chart representing a Dogecoin analysis using Fibonacci retracement levels. The analyst recognized the $0.2814 price level at the 0.786 Fibonacci Retracement Zone as a “rock-solid” support area that could serve as a potential launching pad for The Next Dogecoin Rally.
Although Dogecoin experienced a price drop and briefly tested the $0.2626 level, Balo confidently claims that this sharp drop was simply a corrective bottom. This indicates that Dogecoin may be in the final stages of consolidation before your next leg.
During the last weeks, the Dogecoin price has traded sideways after rising more than $0.4 in November. The popular meme coin quickly gave up these initial gains once market volatility set in and broader sentiment shifted away from meme coins.
Although Bearish pressures plague DogecoinBalo revealed that breaking through the $0.339 resistance level could push the meme coin to higher price levels. The $0.2814 support zone will act as a critical safety net for Dogecoin, which could prevent further price drops.
According to analyst price chart, Dogecoin is projected to retest 0.786 Fibonacci Retracement Level to $0.2814 before rising sharply to surpass $0.34, confirming its bullish momentum. Once this price is broken, the analyst expects Dogecoin to break through two critical resistance areas: $0.43 and $0.48.
After Dogecoin breaks through these resistance levels, it is expected to aim for an ultimate target of around $0.6 or higher. This means that the analyst expects Dogecoin to double in value once it emerges from its consolidation phase and overcomes these key resistance areas.
Analyst calls local Dogecoin fund
Trader Tardigrade, another X crypto analyst, shared a detailed Fractal analysis of historical Dogecoin price action. He predicted bullish price targets for Dogecoin after comparing similar trend patterns in the meme coin’s previous and current cycles. Based on these chart patterns, Dogecoin appears to have hit local bottom around $0.26 to $0.3, as indicated by the green arrow and pink trendline support.
If Dogecoin follows its historical patterns After soaring after hitting a local bottom, Trader Tardigrade has predicted that the meme coin’s first target in 2025 would be $0.5. This price could act as a resistance level, and the analyst predicts even higher goals for Dogecoin. He anticipated a steady price increase, predicting that Dogecoin can reach $1, $1.5, and a final target of $3.2.
Featured image created with Dall.E, chart from Tradingview.com
