Dogecoin Crash? Analyst Predicts Drop To $0.12 Before Rebound
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Analyst Paul (@zig_zagtrades) recently published Dogecoin (Doge) chart shows that popular MEME-based cryptocurrencies may slide to $0.12 during the final correction phase before attempting a major rebound. A 1-day chart shared on X outlines Paul’s textbook structure, which interprets Paul as a larger (a)-(b)-(c) correction, ultimately climaxing in potential wave 2 in the $0.12–$0.15 region.
More disadvantages of Dogecoin?
In Paul’s analyzeSince his chart, Dogecoin has reached a famous peak, which has been going back to five drops. This top coincides with the multi-day surge, with momentum losing momentum and falling lower, resulting in a series of smaller waves marked 1, 2, 3, 4 and now 5. Analysts show that the fifth and last sub-wave will likely end a wider C-wave (or a second wave if counted at a higher degree). Paul’s symbol highlights a “GZ” (a “gold area” commonly used by traders to indicate Fibonacci support clusters), and his marking points to a Fibonacci Fibonacci versus that can define the recent floor of Doge.
Related Readings
The graph shows a set of key backtest levels, ranging from $0.16 to mid-to-high 0.11 range. Paul highlighted the Fibonacci level at 61.8%, at around $0.160257, $0.150508, and the deeper recovery period (78.6%) is close to $0.118726, with a 100% forecast of about $0.126709. These digital regions seem to be what Paul thinks Doge can complete its final wavelet “GZ”. According to the chart, $0.12 – $0.15 bags are the most critical price area for the bulls trying to stop the ongoing downward trend.
The path from the current price area to this lower target is marked with a wavelet count, which indicates that it ultimately pushes the previous low. The candlestick pattern on the chart has confirmed a series of lower highs and lower lows in recent weeks, indicating that bearish momentum is still intact. The volume bar at the bottom indicates a steady sales pressure accompanied by a downward impulse, consistent with the view that Doge can still engrave its terminal legs correct.
Related Readings
Paul’s use of the Ichimoku cloud setup shows that prices have been trading under the cloud since late January, indicating that Doge has not reestablished any bullish momentum. The shaded green cloud area on his chart appears to be a dynamic resistance, supporting the market’s idea that the market has been maintaining corrective posture for weeks. Analysts mark the so-called bottom waves, marked (1) to (5), which indicates that when the coin finds support in the “GZ” area, expect the final upward cycle.
Although the chart casts subsequent gatherings from expected lows, there is no guarantee that Doge will certainly hold a band of $0.12-$0.15. In theory, not doing so will expand corrective measures and undermine the bullish wave count, but Paul’s comment means he sees Current decline As the last seller. In his own words: “Doy 1d: a wave 5 drop, set the finish of wave c/2 for doge in gz,” suggestion expects Local bottom In this area, although the overall direction of the market will depend on whether enough buyers are involved at the Fibonacci level.
At press time, Doge’s trading price was $0.17
Featured Images created with dall.e, Charts for TradingView.com
