Dogecoin Poised for a Powerful Wave (3) Surge, According to Elliott Wave Analysis
#DOGE $DOGE
Dogecoin (DOGE) has been experiencing significant volatility, with its price recently dipping from above $0.21 to below $0.191 before recovering to around $0.20. This 24-hour decline of 3.9% comes amid broader market fluctuations. However, despite short-term losses, DOGE has managed an 8% gain over the past week, though its 14-day and 30-day performances show declines of 20.9% and 24.1%, respectively.
Elliott Wave Analysis Suggests a Strong Uptrend Ahead
A prominent analyst on X has applied Elliott Wave Theory to Dogecoin’s price movements, suggesting that DOGE has likely completed its corrective Wave (2) and is now forming an early (1)-(2) subwave structure. This setup paves the way for a powerful Wave (3) expansion, which historically tends to be the most aggressive phase of an Elliott Wave cycle.
The recent price dip coincided with a retracement near the 0.618 Fibonacci level, indicating that the correction may be nearing its end. Based on a 1.618 Fibonacci extension of Wave IV, medium-term projections suggest DOGE could rally approximately $3.17, bringing its price to around $3.37. On a longer timeframe, wave structure analysis even hints at a potential surge toward $8.50.
Key Support and Resistance Levels for DOGE
Independent analyst Ali Martinez has provided further insights into Dogecoin’s price action, highlighting that it is trading within a long-term ascending parallel channel—a structure that supports a bullish outlook despite recent fluctuations.
At present, DOGE is hovering near a critical support level at $0.16. Holding above this level could trigger a rebound toward a mid-channel target of $2.74, which aligns with the 1.272 Fibonacci extension on the weekly chart.
However, challenges remain. At the time of analysis, DOGE was trading at $0.203, reflecting a 15% drop over the past 24 hours. For a sustained bullish breakout, DOGE must first surpass its immediate resistance at $0.56958 (the 1.00 Fibonacci level). If bullish momentum strengthens, DOGE could extend its rally toward $6.24, a key resistance level marked by the 1.414 Fibonacci extension.
As Dogecoin navigates this crucial phase, traders will be watching closely for confirmation of an uptrend that could send DOGE into a significant price expansion.
Dogecoin (DOGE) has been experiencing significant volatility, with its price recently dipping from above $0.21 to below $0.191 before recovering to around $0.20. This 24-hour decline of 3.9% comes amid broader market fluctuations. However, despite short-term losses, DOGE has managed an 8% gain over the past week, though its 14-day and 30-day performances show declines of 20.9% and 24.1%, respectively.
Elliott Wave Analysis Suggests a Strong Uptrend Ahead
A prominent analyst on X has applied Elliott Wave Theory to Dogecoin’s price movements, suggesting that DOGE has likely completed its corrective Wave (2) and is now forming an early (1)-(2) subwave structure. This setup paves the way for a powerful Wave (3) expansion, which historically tends to be the most aggressive phase of an Elliott Wave cycle.
The recent price dip coincided with a retracement near the 0.618 Fibonacci level, indicating that the correction may be nearing its end. Based on a 1.618 Fibonacci extension of Wave IV, medium-term projections suggest DOGE could rally approximately $3.17, bringing its price to around $3.37. On a longer timeframe, wave structure analysis even hints at a potential surge toward $8.50.
Key Support and Resistance Levels for DOGE
Independent analyst Ali Martinez has provided further insights into Dogecoin’s price action, highlighting that it is trading within a long-term ascending parallel channel—a structure that supports a bullish outlook despite recent fluctuations.
At present, DOGE is hovering near a critical support level at $0.16. Holding above this level could trigger a rebound toward a mid-channel target of $2.74, which aligns with the 1.272 Fibonacci extension on the weekly chart.
However, challenges remain. At the time of analysis, DOGE was trading at $0.203, reflecting a 15% drop over the past 24 hours. For a sustained bullish breakout, DOGE must first surpass its immediate resistance at $0.56958 (the 1.00 Fibonacci level). If bullish momentum strengthens, DOGE could extend its rally toward $6.24, a key resistance level marked by the 1.414 Fibonacci extension.
As Dogecoin navigates this crucial phase, traders will be watching closely for confirmation of an uptrend that could send DOGE into a significant price expansion.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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