The post Analyst Reveals ‘Rock Solid’ Support For Dogecoin Price Amid Market Crash appeared on BitcoinEthereumNews.com.

Amidst recent fluctuations in the Dogecoin price and its market crash, a crypto analyst has shared a bullish forecast for this number one meme coin, identifying key support and resistance areas that could dictate its future price trajectory. The analyst has identified a “rock solid” support zone for Dogecoin, signaling a potential rally to new highs once this key level is broken.  Dogecoin Price Prepares For Lift Off Above 0.28 Support X (formerly Twitter) crypto analyst Balo has presented a detailed price chart depicting an analysis of Dogecoin 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 launchpad for Dogecoin’s next rally.  Source: X Although Dogecoin experienced a price crash and briefly tested the $0.2626 level, Balo confidently asserts that this sharp decline was merely a corrective low. This indicates that Dogecoin may be in the final stages of consolidation before its next leg up.  Over the past few weeks, the Dogecoin price has traded sideways after rallying over $0.4 in November. The popular meme coin quickly gave up these initial gains once market volatility set in and broader sentiment shifted from meme coins.  Although bearish pressures plague Dogecoin, Balo disclosed 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 price declines.  Based on the analyst’s price chart, Dogecoin is projected to retest the 0.786 Fibonacci retracement level at $0.2814 before rising sharply to break 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 Dogecoin clears these resistance levels, it…

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Filed under: News - @ December 31, 2024 11:18 pm