Dogecoin crashed to $0.2626, but Palo believes it was a correction. This suggests that Dogecoin is approaching the last consolidation phase before its next rally.
After surging above $0.4 in November, Dogecoin traded flat for weeks. As market volatility increased and sentiment shifted away from meme coins, the popular coin quickly lost those gains.
Dogecoin is under negative pressure, although Palo said that a break of the $0.339 level could boost its price. The support area at $0.2814 could protect Dogecoin from further price declines.
The analyst’s price charts predict that Dogecoin will revisit the 0.786 Fibonacci retracement level at $0.2814 before rallying strongly to break $0.34, confirming its positive momentum. After breaking this price, the expert expects Dogecoin to break the 0.43 and 0.48 levels.
Dogecoin is expected to reach $0.6 or higher after breaking through these resistance levels. When Dogecoin breaks its consolidation phase and breaks through these resistance areas, the analyst expects its value to double.
After studying the past and current trend patterns of Dogecoin, expect a bullish price forecast. Dogecoin appears to have bottomed out around $0.26 to $0.3, as shown by the green arrow and the pink trendline of support.
If Dogecoin maintains its historical bullish trend after a local bottom, Tardigrade expects $0.5 to be its first target in 2025. This price could be a resistance level, with the analyst predicting higher targets for Dogecoin. He expects Dogecoin to steadily rise to $1, then $1.5, then $3.2.