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. 

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 c

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Author: Scott Matherson