Dogecoin Trading at $0.228 as Analyst Predicts Further Decline

Dogecoin has declined toward its monthly low, currently trading at $0.228, approximately 12% below its peak on May 11. Analyst Quantum Ascent suggests the token is undergoing a corrective phase that may target the high teens in cents.

Market Analysis

The recent surge of 50% beginning on May 8 has concluded, indicating strong retail momentum.
Current analysis classifies this as part of an ABC correction, with potential targets around 20.5 cents.
Retracement levels from early-May lows to mid-May highs suggest logical support between 19.5 cents and 17 cents.
A break below 21 cents would likely trigger further declines towards target levels.
Market patterns resemble a Wyckoff re-accumulation structure, indicating possible future bullish movements.
Macro factors, including Bitcoin's trend, may influence altcoin movements, suggesting caution in expectations.

As of now, Dogecoin remains the eighth-largest cryptocurrency by market cap, with notable price volatility.