Key Takeaways
Dogecoin could be nearing completion of an extended correction structure following its parabolic five-wave rise.
The charts now reflect potential signs of structural exhaustion and a pending reversal, as we saw an increase of 15% from yesterday’s low.
While the lower timeframe analysis points at more upside, the overall structure on the higher timeframe still isn’t bullish.
DOGE Price Analysis
The 4-hour chart shows a textbook five-wave advance culminating near $0.486 in December 2024, followed by a prolonged W-X-Y-X-Z corrective pattern inside a descending triangle.
This structure appears complete or near completion, as the price action showed a moderate rebound above $0.13.
A descending resistance line caps all retracement attempts, and Dogecoin is now retesting this line.
The Relative Strength Index (RSI), which had previously dipped below 30, shows bullish signs, and it spiked to the 40% mark following the price increase.
The current price action consolidates below the 0.786 Fibonacci retracement of the last major decline at $0.15.
A break above this level would structurally shift the directional bias, which would also mean a breakout above descending triangle resistance.
Notably, the larger descending wedge pattern formed by the correction could support a significant breakout, particularly if the price closes above $0.174.
The volume remains subdued, suggesting that if it occurs, this breakout must be confirmed by momentum and a clean move beyond $0.20.
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In the broader context, this long corrective phase may give way to a new impulsive advance.
However, confirmation of that shift depends on the price reclaiming key retracement thresholds and invalidating the descending trendline resistance.
DOGE Price Prediction
The 1-hour chart highlights the internal subwaves of what appears to be a new bullish structure beginning to form.
The most recent move has completed three waves out of the five-wave pattern from the $0.131 low, suggesting an impulsive recovery.
One more high will confirm this as it would fully develop the five-wave impulse pattern.
Upon reaching our first projected target of $0.16 at the descending resistance a minor correction should occur, potentially unfolding as a wave (ii) retracement.
Key Fibonacci levels for wave (ii) rest at, 0.618 ($0.1484), and 0.786 ($0.1410).
Holding above 0.786 would be bullish, while a breakdown below $0.1315 (1.0 extension) could shift the momentum back to the bears.
If support holds and wave (iii) follows, projected Fibonacci extensions show targets of $0.19, above the 0.786 Fib retracement level.
A breakout above this level could catalyze a rally toward the mid-$0.20s, confirming the end of the corrective cycle.
The RSI on this time frame confirms a bullish bias but hasn’t reached overbought territory, supporting the potential for additional upside.
Momentum remains early, so price confirmation above the trendline is vital for continuation.
Overall, if wave (ii) holds near $0.1484, a breakout wave (iii) toward $0.1750–$0.20 becomes the primary outlook.
On the other hand, if the price makes an immediate downturn, leaving the current increase as a three-wave one, this bullish projection will be invalidated.
Key Levels to Watch
- Immediate Resistance: $0.1536 (0.5 Fibonacci retracement).
- Major Resistance: $0.1741 (0.786 Fib + trendline confluence).
- Immediate Support: $0.1484 (0.618 retracements of the recent wave).
- Secondary Support: $0.1410 (0.786 retracement, corrective floor).
- Critical Support: $0.1315 (1.0 extension, invalidation of bullish wave).
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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