Key Takeaways:
$DOGE finds strong support at key Fibonacci and trendline levels, hinting at a bullish reversal.
Analysts highlight a potential Wave 3 advance per Elliott Wave theory, suggesting a major rally.
Price action near $0.16490 resistance could determine the short-term trajectory.
Dogecoin is once again capturing market attention as technical indicators align for a potential breakout. After consolidating near $0.17, the meme-inspired cryptocurrency is showing signs of renewed bullish momentum. Analysts are closely watching key support zones and chart patterns that could propel DOGE into its next rally phase.
Technical Setup Aligns for Bullish Breakout
Dogecoin recently bounced off critical support levels, including the 200-week moving average and a long-standing ascending trendline. This rebound has sparked optimism among traders, especially as $DOGE continues to hold above the $0.17 mark. On shorter time frames like M15 and M30, the 200 MA is acting as dynamic support, anchoring the price during consolidation.
Crypto analyst Thomas Anderson notes that DOGE is facing resistance around $0.16490, but the broader bullish structure remains intact. If the price manages to break above this level, it could trigger a retest of previous highs. The setup suggests a low-risk entry point for traders eyeing a bullish continuation.
Elliott Wave Theory Points to Larger Upside Potential
Beyond short-term charts, Dogecoin’s weekly structure reveals a compelling Elliott Wave pattern. Analyst Andrew observes that $DOGE has completed a five-wave impulse followed by an ABC correction, classic signs of a potential Wave 3 advance. The reaction at the 0.786 Fibonacci level further supports the idea that DOGE may be entering a new bullish phase.
If this pattern unfolds as expected, Dogecoin could surpass its recent resistance and aim for significantly higher price levels. With sentiment shifting, DOGE may be prepping for a powerful move that could redefine its position in the altcoin market.
