Dogecoin Nears Key Support as Market Awaits Potential Reversal
Dogecoin's recent decline is approaching a crucial support zone, suggesting a potential shift in momentum. Key points to consider:
- The DOGE/USD pair is nearing the completion of a defined price channel pattern.
- The downward leg represents Wave (5) of Wave 3 in a larger bearish sequence.
- A critical support level must be broken to confirm the next major wave.
- Elliott Waves Academy identifies $0.1843646 as the expected floor for this phase.
- An upward corrective wave is predicted after reaching the support level.
According to EᴛʜᴇʀNᴀꜱʏᴏɴᴀL, Dogecoin's price action follows familiar market cycles. Momentum is building above key levels, indicating potential strength despite recent volatility:
- The structure suggests buyers are regaining control.
- Patience is advised before the next phase, with an upside potential if bullish momentum is confirmed.
