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The recently published Dogecoin (Dogoin) chart by the analyst (Zig_zgtrades) that the MIME encrypted currency can slip to $ 0.12 in a final corrective stage before trying to recover. The one-day chart, shared on X, determines the Elleott wave structure of the textbooks that Paul explains as a larger correction (A)-(B)-(C), and its peak in a possible wave 2 near the area of 0.15-0.15 dollars.
More from the negative side of Dogecoin forward?
In Paul analysisDOGECOIN has tracked a five -wave decrease since it reached a prominent peak carrying the name of the 1 wave on its scheme. This upper part coincided with a multi -day increase that lost momentum and decreased less, which led to a series of smaller waves with a mark 1, 2, 3, 4, and now 5. The analyst indicates that this fifth and final sub -wave is likely to conclude a wider wa wave (or the second wave if the count is at a higher degree). Paul’s (GZ) symbols (“The Golden District” is commonly used by merchants to determine the Fibonacci support groups), and its signs determine the fibonacci ratios that can determine the DOGE floor near the range.
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The graph shows a set of main replacement levels that extend from $ 0.16 to mid -$ 0.11. Paul highlights the Fibonacci levels at 61.8 % around 0.160257 dollars and $ 0.150508, along with the deeper recovery of 78.6 % near 0.118726 dollars and dropping 100 % about 0.126709 dollars. These digital areas appear to spend “GZ”, which Paul believes that Dog may complete the final sub -wave. According to the graph, the pocket emerges from 0.12 to $ 0.15 as the most important price zone for bulls who seek to stop the continuous declining trend.
The path is classified from the current price area towards this minimum goal with the number of sub -waves indicating a final payment under its lowest level. Candle patterns on the graph emphasize a sequence of the highest levels and low declines in recent weeks, and it is a sign that the declining momentum remains intact. Size tapes at the bottom indicate the pressure of a fixed sale process accompanying the pulses down, in line with the opinion that Dog is still a peripheral leg from the correction.
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The use of Paul for Ichimoku Cloud settings shows that the price has been constantly circulated under the cloud since late January, indicating that DOGE has not yet returned any bullish momentum. It seems that the shaded green cloud area was tantamount to dynamic resistance, which supports the idea that the market has been in a corrective position for several weeks. The placing of signs on the analyst for waves that exceed the alleged bottom, which has been marked as (1) to (5), indicates the expectation of a final upward cycle if the currency finds support in the “GZ” area.
While the graph shows a later raising of the expected depression, there are no guarantees that Dog will definitely carry the range 0.12 – 0.15 dollars. The failure to do so in theory would expand the corrective pattern and undermine the number of the upholshore, but the explanation of Paul means that he sees the current decline as another flow of sellers. As he put it, “DOGE 1D: A Subwave 5 Drop, which prepares the C/2 in GZ for DOGE”, indicates a local bottom expectation in this field, although the general trend of the market will depend on if
At the time of the press, Dujij was traded at $ 0.17
Distinctive image created with Dall.e, Chart from TradingView.com
