Dogecoin Analyst Predicts Path to $0.60 Amid Conditional Setup
Dogecoin's current market structure suggests potential for growth towards $0.60, provided certain support levels are maintained. The daily chart highlights the importance of holding above August’s wave-2 pivot at $0.189.
- A breach below this level would require reassessment of Dogecoin's market structure.
- The analyst notes a secondary bullish path with an extended B-wave as part of a broader A-B-C pattern.
- Breaking September's swing high could signal a shift from corrective to impulsive movement, aiming for $0.49 and beyond.
On the hourly chart, recent price action suggests a motive sequence beginning at September's low, with a completed three-leg retracement from the September 13 high.
- Micro support is between $0.23 and $0.245; maintaining above $0.23 is crucial for a potential third-wave rally.
- Losing $0.23 increases the likelihood of being in a B-wave, delaying but not invalidating the bullish setup if $0.189 holds.
The target of $0.60 hinges on an impulsive third-wave advance post-micro support retention and surpassing September's high. At press time, Dogecoin is trading at $0.25.
