In a technical update on X, crypto analyst More Crypto Online (@Morecryptoonl) presented a one-hour DOGE/USD chart from Binance, indicating a precarious sideways movement and a potential turning point for Dogecoin. As of now, Dogecoin hovers around the $0.25 mark, showing little movement after a significant drop in early February and lacking confirmation of a definitive bottom.
Dogecoin Stuck In Limbo
The analyst uses a combination of Elliott Wave counts and Fibonacci retracement levels to project Dogecoin’s possible next movements. A broad corrective sequence labeled as (1), (4), C, A, B, W, X, Y reflects numerous overlapping waves, implying an extended corrective phase rather than a mere price pullback.
The latest downward movement has shown a notable swing low between $0.21 and $0.22, correlating with a potential wave (4) indicated on the chart. However, an “alt 4?” label suggests this could be an alternative count leading DOGE to potentially lower levels in one final correction.
Key Fibonacci retracement levels in the $0.22–$0.24 area, including a 50% retracement at $0.2446, a 78.6% level near $0.2206, and a 100% extension around $0.2338, have emerged as important support levels. These regions show where DOGE’s price has previously bounced and consolidated.
Despite the complex wave structure, the analyst notes the absence of clear confirmation for a bottom. Currently, prices have been within the mid-$0.25 territory, devoid of the momentum characteristic of strong trend reversals.
More Crypto Online identifies two main resistance levels that could trigger a bullish reversal: $0.293 and $0.341. A break above $0.293 could indicate buyers gaining control, while a closure above $0.341 would serve as a stronger confirmation of a trend reversal and potentially invalidate the current lower-wave counts.
Until these levels are surpassed, the analyst remains cautious, leaning towards the idea that the low might be in, yet without definitive evidence. Importantly, the muted bounce from recent lows contrasts with Bitcoin’s strong upward move on Thursday.
Per the chart, each upward movement has been lackluster, indicating that sellers remain active, which adds to the broader uncertainty. If buyers fail to push past $0.293 soon, Dogecoin’s sideways drift may continue, and a deeper dip below $0.22 could suggest an extended correction pattern, posing challenges to bullish expectations regarding the last swing low as the cycle bottom.
As the analyst summarizes, “Despite some charts indicating strong moves today, DOGE has remained stagnant, with no clear confirmation of a bottom. The sideways movement lacks decisive momentum. A break above $0.293 would be the first step toward a possible reversal, and stronger confirmation would require movement above $0.341. I lean towards the low being in, but there’s still no definitive evidence, as recent upside has been minimal.”
At press time, DOGE traded at $0.25.
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