After months of slow work and side unification, Dogecoin (Doge) may be about to mean the meaningful collapse. It seems that modern price movements, technical references and the wider macroeconomic trends are converging in favor of Dog.
Technical penetration from the concession channel
According to the analysis, Dogecoin has officially separated from a convergence channel, a formation that crowned price pools since the beginning of the year. The collapse is more valid by a successful re -test of the previous resistance, which has now turned into support, indicating a bullish reflection.
The immediate resistance is located at $ 0.27, but the continuous upward pressure may pay Dog about $ 0.39 and up to $ 0.43 in the coming weeks. Meanwhile, support provides about $ 0.17 a safety net in a short -term withdrawal.
Conducting short -term prices and analyzing Elliott wave
The last price behavior shows that Dogecoin is in the partial design stage, where it currently maintains the main support area between $ 0.17 and $ 0.177. This region was previously identified as a small support level, and the market has interacted accordingly, which indicated that the fifth wave in the Eliott Wave sequence may start.
In the current wave number, Analysts define a possible moveWith the peak 3 wave near the Fibonacci 138 % supplement at $ 0.196. If this structure continues, the wave 5 may extend towards the level of 161.8 % at $ 0.206 or 178.6 % at $ 0.213. A confirmed break more than $ 0.185 means that the next upward leg is ongoing.
However, the decisive decrease to less than $ 0.17 would cause a temporary delay in the expected assembly. Currently, the decline appears to be a shallow correction, which corresponds to a continuous upward trend.
Total Trends: Bitcoin, Global M2, and CogeCoin Link
Outside the plans, the total economy indicators add fuel to the upward state. One of the emerging novels that gain a traction between analysts is the relationship between the prices of cryptocurrencies and the M2 Global M2-a measure of supply of money in the world that includes money, verification, and before easily transferred money.
According to a user, when applying a 110-day displacement, there appears to be a fixed pattern between the increases in the M2 and Doge Price-with the exception of external events such as increasing the post-election price.
If the money continues to flow into assets such as Dogecoin with the expansion of global liquidity, especially during the summer, this relationship may become more clear – which enhances the bullish technical preparation.
