Dogecoin Could Collapse If This Support Fails, Analyst Warns
In Wednesday’s video, popular YouTube channel More Crypto Online analyzes Dogecoin’s price structure, suggesting that meme-inspired cryptocurrencies may appear on the cusp of breakouts or breakdowns, while their range is below key support levels . Analyst’s prospect Around Elliott wave counts, potential merge patterns, and key price thresholds, these thresholds can define the short-term trajectory of Dogecoin.
Dogecoin on the edge
The analyst noted that Dogecoin has shown “only action in the past few days or so” in the past few days (actually lasting about 10 days). According to the channel’s host, the price dropped to previously determined Support area After that, the failure to rallies at $0.34 were higher than the key resistance:
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“Unfortunately, we haven’t exceeded $0.341 for the recovery, and we haven’t exceeded any signal lines yet, which is a shame because it keeps the price in side merger mode,” he said.
Despite the static price, analysts believe Dogecoin may still form a classic ABC correction pattern with potential C waves slightly below the bottom of the low A wave: “If this is indeed an ABC structure, the C wave will usually end in the A wave (…) Below the low, but that seems likely.”
He estimates that the “ideal target” for the C wave is around $0.233 to $0.234, which is derived from measuring the length of the initial A wave. Especially important is the $0.22 level, consistent with the 78.6% Fibonacci reversal. Maintaining the region is crucial to retaining a wider bullish scenario: “As long as the market holds over $0.22, overall, it is arguably the bullish papers remain intact (…) ideally we hold above it.”
Any drop below this threshold will be severely suppressed Bullish caseanother lower number is $0.204, which is considered the final invalid point. A decisive break under either level might further state: “Any interruption below $0.22 can result in an invalid (…) Invalidation points themselves are slightly lower, however, at $0.204, we are currently far from that.”
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From an analyst’s perspective, Dogecoin needs to go beyond certain “signal lines” to provide stronger evidence of trend reversal. He highlighted $0.293 as the first signal for a potential low, while movements above $0.342 will be considered a more certain upside breakout trigger.
“Once we finally start the third wave (…), we need to go beyond the first signal line (…), which will be a breakthrough of $0.342 above the signal line above.” In this case, the structure will Confirm the ongoing bullish wave and potentially validate expectations for more obvious Dogecoin rally.
Analysts stress that most of the cryptocurrency markets are still on the lateral territory. He specifically compared Dogecoin to Solana’s resilience, pointing out that “a lot of it dropped” and Dogecoin seemed to “stay well”. despite this, Broader market sentiment Macroeconomic factors continue to affect comprehensive price performance.
At press time, Doge traded at $0.25.
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