Dogecoin Price Analysis Indicates Potential Rally Towards $1.30
The ceasefire between Iran and Israel, facilitated by US President Donald Trump, may have positively impacted Dogecoin's price. Analyst Maelius (@MaeliusCrypto) shared a DOGE/USDT chart indicating a potential Elliott wave pattern that often signals a significant price rally.
Dogecoin Price Analysis
- The second wave of a minor pattern ended last week with DOGE reaching $0.142, coinciding with the 200-week exponential moving average and a rising support trend-line.
- This bounce provided a reference point for technicians regarding risk management.
- If the wave formation is accurate, the next price target could range from $1.10 to $1.30, followed by a temporary pause around $0.60 before a final push above $1.60.
- A demand zone identified between $0.12 and $0.17 was validated as the price previously dipped into it and reversed.
- The WaveTrend Oscillator indicates momentum is cooling, with current readings at WT1 -18.49 and WT2 -33.21.
- Concerns exist about the reliability of the nested wave count if prices fall below the recent lows, as memecoins are subject to volatility.
- As long as Dogecoin stays above the 200-week EMA and the demand zone, the bullish thesis remains supported.
- Current DOGE trading price is $0.1634, reflecting a 17% increase since the recent low.
