Amid the recent fluctuations in Dogecoin’s price and its fall in the market, a crypto analyst shared bullish forecast in this meme coin number, which identifies the main support and resistance areas that can indicate the future price trajectory. Analyst identified as “rock solid” support area in Dogecoin, indicating a potential rally to new highs once this key level is broken.
Dogecoin Price Prepares To Rise Above 0.28 Support
UX (ex-Twitter) crypto analyst Balo has it introduced detailed price chart showing i Company rating Dogecoin using Fibonacci retracement levels. The analyst saw the $0.2814 price level at the 0.786 Fibonacci retracement area as a “rock solid” support area that could serve as a possible launch point. Dogecoin’s next rally.
Although Dogecoin experienced a price drop and briefly tested the $0.2626 level, Balo confidently asserts that this sharp decline was merely a correction bottom. This indicates that Dogecoin may be in the final stages of reinforcement before the next leg up.
A few weeks ago, the The price of Dogecoin has traded sideways after rallying above $0.4 in November. The popular meme coin quickly gave up these initial gains when market volatility set in and the broader sentiment changed for meme coins.
Although bearish pressures plague DogecoinBalo revealed that crossing the resistance level at $0.339 could lead the meme coin to higher price levels. The $0.2814 support area will act as an important safety net for Dogecoin, potentially preventing further upside the price goes down.
Based on the analyst price chart, Dogecoin is expected to retest 0.786 Fibonacci retracement rate at $0.2814 before rising sharply to break above $0.34, confirming its bullish momentum. If this price is broken, the analyst expects Dogecoin to overcome two critical resistance areas: $0.43 and $0.48.
After Dogecoin clears these resistance levels, it is expected to target the final goal of $0.6 or higher. This means that the analyst expects Dogecoin to double in value if it breaks out of its consolidation phase and crosses these key resistance areas.
Analyst Calls Dogecoin’s Local Bottom
Trader Tardigrade, another crypto analyst on X, shared detailed Fractal analysis of Dogecoin’s historical price action. He predicted the price of Dogecoin after comparing the same trend patterns in the previous and current cycles of the meme coin. Based on these chart patterns, Dogecoin appears to have it reached the bottom of the area around $0.26 to $0.3, as shown by the green arrow and pink trend line support.
If Dogecoin follows its historical patterns of rising after hitting the bottom in the area, Trader Tardigrade predicted that the coin’s initial target in 2025 will be $0.5. This price may act as a resistance level, and the analyst predicts even Dogecoin high rates. He expected a steady price increase, predicting that Dogecoin could reach $1, $1.5, and a final target of $3.2
The featured image was created with Dall.E, a chart from Tradingview.com