Currently, the market performance of Dogecoin (DOGE) has attracted significant attention from investors and technical analysts.

Since hitting the bottom on April 7, DOGE has shown a significant upward trend, but the latest market reaction indicates that its price structure is facing a significant turning point.

As of the time of writing, DOGE is priced at approximately $0.22, with a decline of over 7% in the last 24 hours.

Three-wave upward structure appears, diagonal pattern may become dominant

From recent trends, DOGE has built a three-wave upward structure since the previous low, and some investors initially expected it to extend into a five-wave driving structure.

However, based on the current volatility pattern, it is more likely to evolve into a diagonal structure, which means the price may struggle to maintain the previous strong upward trend.

At the same time, the price reacted after reaching the previously identified resistance area, indicating that the market's sensitivity to these key technical points remains high, further confirming the importance of this phase.

Multiple support areas have become key defense lines

In the possible B wave adjustment, there are several key support levels worth paying close attention to:

  • Primary support area: $0.15 to $0.199

  • Middle support band: $0.169 to $0.183

Analysts point out that if DOGE wants to maintain a medium to long-term bullish structure, the $0.15 level must be defended.

If the price breaks below this bottom line, it may mean that the current rebound is just a short-term bounce within a larger adjustment, facing further downward pressure in the future.

B wave rebound and potential resistance observation

The current technical structure suggests that DOGE has likely completed the downward A wave in the ABC adjustment, and the current rebound may be in the B wave stage.

Key resistance areas for traders to watch are:

  • Short-term resistance band: $0.235 to $0.255

If the price can strongly break through this area, it will enhance bullish expectations in the market; conversely, if it is blocked in this area, it may initiate the final C wave downtrend, testing the aforementioned support area.

Analyst's view: Adjustments are opportunities, focus on low buying timing

Analysts generally believe that the current B wave rebound is not a signal of trend reversal, but more likely a technical adjustment before the next phase of decline.

Once the price falls back again and approaches the important support area, it may provide an attractive buying window for investors.

However, if DOGE fails to successfully break through the previous high of $0.26, the overall correction structure will continue to dominate the market, and excessive optimism in the short term is not advisable.

Conclusion

Overall, DOGE is in a critical technical adjustment phase.

Investors need to closely monitor the performance of support and resistance, especially in the key price range between $0.15 and $0.26.

If the adjustment structure holds, it may bring new layout opportunities at low levels in the future.