Dogecoin Chart Turns Ugly—This Price Could Trigger Panic

Dogecoin Price Crash Incoming?

Technical analyst More Crypto Online argues in his latest YouTube briefing that the structure of this advance “rallied in three waves like many other crypto charts into the Friday swing high,” lacked the five-wave punch normally required to sustain upside continuation, and has already reversed into what looks like “a micro five-wave move down.”

The Elliottician stated: “Doge rallied in three waves like many other crypto charts into the Friday swing high,” he told viewers at the top of the clip, stressing that the advance from the April 26 trough “was just not convincing.”

The essence of his argument is that Dogecoin’s leap from $0.164 to the May 11 intraday peak at $0.259 never produced the five-wave structure that Elliott Wave theory associates with trend-sustaining moves.

Instead, price action has already begun what he counts as a “micro five-wave move down,” thereby signalling that the April–May rise likely formed only the B-wave of a larger A-B-C correction. “As soon as the price breaks below the red dotted line at $0.21, the scenario for a larger pullback in the yellow count becomes confirmed,” he said, adding that nothing on the chart currently invalidates that view.

The “yellow” scenario envisages an extended C-wave unfolding in five sub-waves and targeting the 38.2 %–78.6 % Fibonacci retracement cluster derived from the April rally. In plain numbers, that translates to $0.199–0.183 in the coming sessions.

Testing $0.19.9 to $0.183 cents over the coming sessions seems like quite a probable outcome,” More Crypto Online said. “We already have a five-wave decline from yesterday’s high, so we have to be ready for potentially just corrective rallies and then a sharp decline in wave three.”

That roadmap leaves room for a brief recovery wave—he calls it wave 2 of C—to probe initial resistance at $0.23.3 to $0.24.7. Yet the analyst cautioned that any bounce should remain “only corrective” in character; a decisive -