Amid the recent fluctuations in the price of Dogecoin and the market crash, one cryptocurrency analyst shared Bullish outlook For this number one meme coin, it identifies key support and resistance areas that could determine its future price path. The analyst identified “rock solid.” Support area For Dogecoin, indicating a potential rise to new highs once this key level is broken.
Dogecoin price is preparing to rise above the 0.28 support level
Cryptocurrency analyst X (formerly Twitter) wrote the introduction Detailed price chart depicted Dogecoin analysis Using Fibonacci retracement levels. The analyst recognized the $0.2814 price level at the 0.786 Fibonacci retracement zone as a “solid” support area that could serve as a potential launching pad for The upcoming Dogecoin rally.
Although Dogecoin Saw a price collapse Palu briefly tested the $0.2626 level and confidently asserted that this sharp decline was just a corrective low. This indicates that Dogecoin may be in the final stages Unification Before the next stop.
During the past few weeks, Dogecoin price has been trading sideways After rising more than $0.4 in November. The popular meme coin quickly gave up these initial gains once market volatility hit and broader sentiment shifted from the meme coins.
Although Downward pressure hits DogecoinPalo revealed that breaching the resistance level at $0.339 could lead to the meme coin rising to higher price levels. The $0.2814 support area will serve as an important safety net for Dogecoin, which could prevent more Price drops.
Based on the analyst’s price chart, Dogecoin is expected to retest the 0.786 level Fibonacci retracement level at $0.2814 before rising sharply to surpass $0.34, confirming its bullish momentum. Once this price is broken, the analyst expects Dogecoin to overcome two important resistance areas: $0.43 and $0.48.
After Dogecoin overcomes these resistance levels, it is expected to target a final target of around $0.6 or higher. This means that the analyst expects Dogecoin to double in value once it exits the consolidation phase and passes these major resistance areas.
Analyst calls a local bottom for Dogecoin
Trader Tardigrade, another cryptocurrency analyst on X, subscriber Detailed Fractal analysis of Dogecoin’s historical price movement. 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, it looks like Dogecoin has it I hit the local bottom About $0.26 to $0.3, as indicated by the green arrow and pink trend line support.
If you follow Dogecoin Historical patterns From rising after hitting a local bottom, trader Tardigrade predicted that the first target for the meme coin in 2025 would be $0.5. This price could act as a resistance level, with analysts also anticipating Higher goals for Dogecoin. He expected a steady increase in prices, predicting that Dogecoin would reach $1, $1.5, and a final target of $3.2.
Featured image created with Dall.E, chart from Tradingview.com
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