Dogecoin Price On The Edge: Breakout Or Breakdown?
The post Dogecoin Price On The Edge: Breakout Or Breakdown? appeared on BitcoinEthereumNews.com.
Este artículo también está disponible en español. In a technical update posted on X, crypto analyst More Crypto Online (@Morecryptoonl) presented a one-hour DOGE/USD chart (Binance) illustrating a precarious sideways movement and a potential turning point for the meme coin. At press time, Dogecoin is stuck around the $0.25 region, barely moving after a substantial drop in early February, with little to confirm a definitive bottom in place. Dogecoin Stuck In Limbo From the chart’s labeling, the analyst employs a blend of Elliott Wave counts and Fibonacci retracement levels to map out Dogecoin’s possible next steps. Notably, a broad corrective sequence labeled as (1), (4), C, A, B, W, X, Y highlights multiple overlapping waves—indicative of an extended correction rather than a simple price pullback. In the latest leg downward, the analyst’s markings show a major swing low around $0.21–$0.22, which coincides with a potential wave (4) on the chart, although there is an “alt 4?” label suggesting this may still be an alternative count which drags the DOGE price even deeper in one last correction. Dogecoin price analysis | Source: X @Morecryptoonl The Fibonacci retracements and extensions plotted in the $0.22–$0.24 region, with key levels including the 50% retracement at $0.2446, a 78.6% level near $0.2206, and a 100% extension around $0.2338, are key support levels. These overlapping zones show where DOGE’s price bounced and consolidated over the past several sessions. Related Reading Despite the intricate wave structure, the analyst points out there is “no clear confirmation of a bottom.” The price has been range-bound in the mid-$0.25 territory, lacking the momentum usually seen in robust trend reversals.More Crypto Online underscores two primary levels overhead that could confirm a bullish reversal: $0.293 – Breaking above this zone may offer the first tangible indication that buyers are taking control and…
Filed under: News - @ February 21, 2025 2:25 pm