Dogecoin Price On The Edge: Breakout Or Breakdown?
In a technical update released on X, Crypto analyst More More Crypto Online (@morecryptoonl) proposed an hour-long threshold/dollar chart (binance), which illustrates unstable lateral movements and potential turning points for meme coins. At press time, Dogecoin was trapped in the $0.25 area, barely moved after a sharp drop in early February, with little confirmation of the bottom.
Dog Shaodan is in trouble
From the chart’s label, analyst employment Elliott Wave counts and Fibonacci back-level mixture to draw out the next step of Dogecoin. It is worth noting that a wide correction sequence marked (1), (4), a, a, b, w, x, y highlights multiple overlapping waves – indicating extended corrections rather than simple price drops.
exist Latest legs downthe analyst’s mark shows that despite the “Alt 4?”, the analyst’s main swing rate has decreased by $0.21-$0.22, which is consistent with the potential wave (4) on the chart. The tag shows that this may still be another quantity, which drags down the price of the door more deeply in the last correction.
Fibonacci echo and extension are drawn at 0.22–$0.24 regions, with key levels including 50% recovery period of $0.2446, 78.6% levels close to $0.2206, 100% extension around $0.2338 Key support levels. These overlapping areas show where Doge’s price bounces and merges over the past few meetings.
Related Readings
Despite the complex structure of the wave, analysts noted that “there is no clear confirmation at the bottom.” Prices are within the range of the $0.25 medium term, lacking the momentum that is usually seen in strong trend reversals.
More encryption online highlights two main levels of overhead that can be confirmed Bullish reversal: $0.293 – Breaks beyond the area may provide the first tangible sign that buyers are controlling and $0.341 – A close above $0.341 will be a stronger confirmation of the trend reversal and may make the current down The wave count is invalid.
Related Readings
Analysts remained cautious until these thresholds were violated, noting that despite their “inclination to downturn,” there is still no definite evidence to support it. A key observation is the recent low bounce while Bitcoin price has seen strong growth on Thursday.
According to the chart, each subsequent rise is shallow, failing to gain meaningful appeal and suggesting that the seller remains active. This emphasizes broader uncertainty. If buyers can’t push $0.293 higher soon, then Dogecoin’s side drift may persist. Deeper ends below $0.22 may produce a more extended correction pattern, marked as (5) or C on the chart, and the hope of challenging Bullish is that the last swing is the bottom of the loop.
In the words of the analyst, “Although some charts show strong moves today, the Governor’s price has remained stagnant with no clear confirmation of the bottom. Prices continue to move to the side, lacking decisive momentum. A break above $0.293 will be The first step in signal reversal, which confirms that the relocation is over $0.341. There is still no clear evidence when I tend to be low. Upside moves from the last low so far are too small to have significance.”
At press time, Doge traded at $0.25.
Featured Images created with dall.e, Charts for TradingView.com
