A video analysis newly published by the commentator of Crypto Asif.eth (@Asifeth) argues that Dogecoin is currently negotiating with what he calls a highly undervalued level. He explained why he believes that the continuous correction of the play has just concluded – a process which he interpreted through an Elliott Wave lens and, more precisely, an ABC corrective model.
Did Dogecoin finish his ABC correction?
In his discussion, the analyst described how Dogecoin had shown a pronounced increase, after which he saw “the first correction and after that, we obtained a higher, higher B … and after that, we obtained a correction of type C “.
He suggested that the latter “wave C” could have brought the token back to a region of crucial support, noting that “it could be ABC and that the current correction takes place with an RSI on the territory of occurrence”, a condition that He considers a strong to buy a signal. Although he recognized the possibility of mowing the waves, he argued that the structure points to a large corrective phase which could now be completed.
The key price region that it identified expanses from about $ 0.24 to $ 0.18, an area it has repeatedly called a “very, very good” place to accumulate Dogecoin. He called it a “huge turn of the supply to a huge demand area”, noting that the token had previously overthrew this same range between support and resistance on several occasions.
Although he has confidence in the bullish significance of this area, he highlighted $ 0.16 as a strict cut below which he would leave a dogecoin position, declaring: “If in any case … you break below 0, $ 16, you have to sell this token ”, because because because because a drop under this level could invalidate all the bullish configuration. His argument was that continuing to hold an Altcoin below such critical support could expose traders to deeper losses if the negative feeling suddenly accelerates.
He also supported his argument by pointing to the so-called Fib Golden Pocket, measured by what he described as the last lower major level of Dogecoin in August 2024 at the next price. By riding this Fibonacci retracement with the same request region from $ 0.24 to $ 0.18, he found coherent evidence that the market considers this band as a pivot for the long -term structure of Dogecoin. He described it as “aligning exactly with our highest supply zone”, explaining that confluence like this – in combination with a RSI reading – increases the probability of a price rebound.
Although the analyst has mentioned that the “media threshing” factor from Dogecoin has declined, he interpreted that the lack of mainstream speculation as a positive sign, claiming that “nobody sells a dogecoin as hyper aggressively”, which could promote short -term stability. The feeling, in its opinion, could change sharply once the merchants realize that the part has a substance in its Correction ABC, especially if the wider market conditions become more favorable.
He concluded by reiterating the importance of closely monitoring these levels. He considers the corridor from $ 0.24 to $ 0.18 as an area of main accumulation, considers $ 0.16 as a level of clear stop-loss in case the market breaks down, and thinks that the action of Dogecoin price around these thresholds will confirm if the ABC correction is really over.
Recalling his own words, “Dogecoin seems very, very good and very, very reduced on all this market,” he urged potential buyers to consider the risk / reward ratio at a time when other traders , anticipating the end of the so-called even corner era seems to neglect it.
At the time of the press, DOGE exchanged $ 0.25.
