Dogecoin Price Remains Stagnant Around $0.25 Amid Uncertainty
Crypto analyst More Crypto Online provided a technical analysis of Dogecoin (DOGE) on X, focusing on its current price stability around $0.25 after a decline in early February.
Key Points
- DOGE is experiencing sideways movement with no clear bottom confirmed.
- The analysis utilizes Elliott Wave counts and Fibonacci retracement levels to predict future price movements.
- A significant swing low is identified between $0.21 and $0.22, alongside a potential wave (4).
- Key support levels include:
- 50% retracement at $0.2446
- 78.6% level near $0.2206
- 100% extension around $0.2338
- No clear confirmation of a bullish reversal is observed; crucial resistance levels are:
- $0.293 - breaking this could indicate buyer control
- $0.341 - closing above this would strongly confirm a trend reversal
- Current price action shows shallow upticks, indicating ongoing seller activity.
- A drop below $0.22 may lead to further corrections, possibly invalidating bullish scenarios.
As of the latest update, DOGE is priced at $0.25.
