Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Este artículo también está disponible en español.
In a video on Wednesday, the popular YouTube channel More Crypto Online offered an analysis of Dogecoin’s price structure, suggesting that the meme-inspired cryptocurrency could be on the cusp of a breakout or breakdown—provided it falls below critical support levels. The analyst’s outlook centers around Elliott Wave counts, potential consolidation patterns, and pivotal price thresholds that could define Dogecoin’s short-term trajectory.
Dogecoin Teeters On The Edge
The analyst notes that Dogecoin has shown “only sideways action over the last few days, actually last 10 days or so,” following a significant selloff. According to the channel’s host, the price dipped into a previously identified support zone and has since failed to rally above the key resistance at $0.34:
Related Reading
“Unfortunately, we did not break above the $0.341 level in that recovery and we haven’t yet broken above any signal line, which is a shame because it keeps the price caught in this sideways consolidation mode,” he said.
Despite the muted price action, the analyst believes Dogecoin may still form a classic A-B-C corrective pattern, with the potential C-wave finding a bottom slightly below the A-wave low: “If this really is an A-B-C structure, the C-wave would normally end below the low of the A-wave […] doesn’t have to, but that seems to be likely.”
He estimates that the “ideal target” for the C-wave sits around $0.233 to $0.234, derived from measuring the length of the initial A-wave. Of particular importance is the $0.22 level, which aligns with the 78.6% Fibonacci retracement. Maintaining this zone is viewed as critical to preserving the broader bullish scenario: “Only as long as the market holds above $0.22, the overall let’s say bullish thesis remains intact […] ideally we’re holding above it.”
Any drop below this threshold would seriously dent the bullish case, and another lower figure, $0.204, is cited as the ultimate invalidation point. A decisive break under either level could signal further downside: “Any break below $0.22 will likely lead to invalidation […] the invalidation point itself is a little lower, however, that’s at $0.204 and we are far away from that at the moment.”
Related Reading
From the analyst’s perspective, Dogecoin would need to exceed certain “signal lines” to provide stronger evidence of a trend reversal. He highlights $0.293 as the first signal of a potential low, while a move beyond $0.342 would be considered a more definitive upside breakout trigger.
“Once we finally start the third wave […] we need to get above the first signal line […] better will be a break above the upper signal line at $0.342,” the analyst states. In that scenario, the structure would confirm a sustained bullish wave, potentially validating expectations of a more pronounced Dogecoin rally.
The analyst emphasizes that much of the crypto market remains in sideways territory. He specifically compares Dogecoin’s resilience to Solana, which he notes has “dropped quite a bit,” while Dogecoin appears to be “holding quite well.” Nevertheless, broader market sentiment and macroeconomic factors continue to influence price performance across the board.
At press time, DOGE traded at $0.25.
Featured image created with DALL.E, chart from TradingView.com
