- Dogecoin (Doge) recently witnessed a short -term decrease, decreasing from more than $ 0.21.
- An analyst indicates X using Elliott Wave theory that Doge has completed the corrective wave (2) and is preparing to enter strong expansion (3).
- The independent analysis by Ali Martinez highlights the main support at $ 0.16 and the mid -channel goal of $ 2.74.
Dogecoin recently showed fluctuation, as its price fell from $ 0.21 to less than $ 0.191 before recovering to about $ 0.20. This decrease comes 24 hours by 3.9 % amid wider market fluctuations; However, over the past seven days, DOGE has managed to make 8.0 % gains even with its performance for 14 and 30 days by 20.9 % and 24.1 %, respectively.
An analyst at X examined the Dogoin Market structure through the Elliott wave theory lens, with the determination that the DOGE has completed the corrective wave (2). The analyst notes that Doge is now formed with an early sub-wave structure (1)-(2), which puts the stage to expand a strong wave (3).
The recent decline in prices, which is in line with the decline near the level of 0.618 Vibonacci, indicates that the corrective stage may approach its end. Based on the extension of 1.618 Fibonacci IV, the medium projection indicates that DOGE can gain about $ 3.17, up to about $ 3.37. Over a longer time frame, the wave structure indicates a potential movement to $ 8.5.
The main support levels and the levels of resistance dococoin
Independent analyst Ali Martinez provided additional visions of Doug’s prices, noting that it is being traded within a long -term elevated parallel channel that supports the upscale market structure despite the recent fluctuations.
Currently, Dog is near the level of decisive support, with the lower border plays $ 0.16. Strong waiting at this level can a recovery towards the mid -term goal of the channel of $ 2.74, a level that corresponds to the extension of 1.272 Vibonacci on the weekly Doug’s scheme.
However, the challenges remain. At the time of the analysis, Dog was traded at $ 0.203 after a 15 % decrease over 24 hours. In order to constantly recover, Dog must first penetrate immediate resistance at about $ 0.56958 – 1.00 Fibonacci level. If the bullish momentum is condensed, Dog can continue its upward movement towards the upper border about $ 6.24, a major resistance level that corresponds to the extension of 1.414 Fibonacci.
