Amid the recent fluctuations in Dogecoin price and its market crash, a crypto analyst a bullish forecast Key support and resistance areas are identified for this number one meme coin that could determine its future price development. The analyst has a “rock solid” Support zone for Dogecoin, signaling a possible rally to new highs once this key level is broken.
Dogecoin price is preparing to rise above the 0.28 support
X (formerly Twitter) crypto analyst Balo has presented a detailed price chart depicting a Analysis of Dogecoin using Fibonacci retracement levels. The analyst identified the $0.2814 price level at the 0.786 Fibonacci retracement zone as a “rock-solid” support area that could serve as a potential launch pad Dogecoin’s next rally.
Although Dogecoin experienced a price drop After briefly testing the $0.2626 level, Balo confidently claims that this sharp decline was merely a corrective low. This suggests that Dogecoin may be in its final stages Consolidation before the next climb.
In the last few weeks the Dogecoin price has been trading sideways after rising above $0.4 in November. The popular meme coin quickly gave up those initial gains as market volatility set in and the overall sentiment of meme coins changed.
Although Bearish pressure is plaguing DogecoinBalo revealed that breaking the resistance at $0.339 could see the meme coin reach higher price levels. The $0.2814 support zone will act as a critical safety net for Dogecoin and may prevent further developments Price drops.
Based on the analyst’s price chart, Dogecoin is expected to retest 0.786 Fibonacci retracement level at $0.2814 before rising sharply and breaking above $0.34, confirming its bullish momentum. Once this price is broken, the analyst expects Dogecoin to overcome two critical resistance areas: $0.43 and $0.48.
After clearing these resistance levels, Dogecoin is expected to aim for an eventual target of around $0.6 or higher. This means that the analyst expects Dogecoin to double in value once 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, divided a detailed one Fractal analysis of Dogecoin’s historical price development. 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, this appears to be the case for Dogecoin reached a local low point around $0.26 to $0.3 as indicated by the green arrow and pink trendline support.
If Dogecoin follows his historical patterns Trader Tardigrade predicted that the meme coin’s first target would be $0.5 in 2025 after hitting a local bottom. This price could act as a resistance level, with the analyst even predicting one higher goals for Dogecoin. He expected the price to rise steadily and predicted that Dogecoin can reach $1, $1.5 and an ultimate target of $3.2
Featured image created with Dall.E, chart from Tradingview.com