๐๐ข๐๐๐๐ข๐๐ก ๐๐ข๐๐๐ฆ ๐จ๐ฃ ๐๐ข๐ฅ ๐ ๐๐๐ ๐ ๐ข๐ฉ๐ ๐๐จ๐ง ๐๐ฆ ๐ง๐๐ ๐ ๐๐ฅ๐๐๐ง ๐ฅ๐๐๐๐ฌ?
Dogecoin (DOGE) is showing signs of a potential explosive rally, but analysts warn: โdonโt rush it just yet.โ The price is hovering near a critical support zone, and a strong bounce here could launch DOGE into a multi-wave breakout โ possibly toward $1+ levels.
๐ Whatโs Happening Technically?
Dogecoin just bounced off a major support at $0.142 โ the same level as its 200-week EMA and a long-term rising trendline.
This bounce was sharp and came with a long wick on the weekly candle, a strong sign of buyer defense at this level.
The setup looks like a โnested 1-2, 1-2 Elliott Waveโ pattern, which often leads to strong third-wave rallies.
If the pattern plays out:
The next wave could push DOGE to around $1.10โ$1.30 ๐
A mid-rally pause might come near $0.60
The final wave could extend toward $1.60+
But... if DOGE drops below $0.142, this whole bullish setup may invalidate โ so thatโs the key level to watch!
๐ Indicators: What They Say
Volume spiked on the bounce โ a good sign of interest returning.
WaveTrend Oscillator is near its bottom zone, where DOGE has reversed upward before.
Momentum is still cooling, but may be flipping bullish.
โ ๏ธ What Traders Should Do
โ Key Support Zone: $0.12โ$0.17
DOGE needs to stay above this range for bulls to stay in control.
๐ต๏ธโโ๏ธ Watch the $0.142 level closely โ a breakdown here could cancel the bullish setup.
๐ง Donโt FOMO: The pattern is promising, but patience is key. Let the structure develop.
๐ If DOGE holds above support and shows rising volume, it could be a textbook breakout setup.
๐ Bottom Line
Dogecoin may be setting up for its biggest rally since 2021, but it all hinges on holding the $0.142 support level. Traders should stay alert โ but not overly aggressive.