Dogecoin Poised for Bullish Wave 3 Advance, Analyst Suggests
Dogecoin is potentially entering a significant upward phase, as suggested by trader Cantonese Cat. The analysis highlights:
- Dogecoin may be transitioning into a "third wave" advance according to Elliott Wave theory.
- The cryptocurrency has reclaimed the 0.618 Fibonacci retracement level, indicating a possible shift from corrective to impulsive price action.
- Historical data shows DOGE's previous cycle ended near the $0.05–$0.10 range, with current movements testing support around $0.20088.
- Technicians view reclaiming the 0.618 level on higher timeframes as pivotal for resuming an uptrend.
- Potential price targets include Fibonacci projections at $0.48, $0.89, $1.23, and $1.96 if momentum sustains.
- DOGE's ability to maintain above the ~$0.20088 pivot will be crucial in determining if it can achieve a third-wave advance.
Currently, Dogecoin is trading at $0.20.
