In a technical update published on X, Crypto Analyst More Crypto Online (@Morecryptoll) presented a DOGE / USD graph of an hour illustrating a laterally precarious movement and a potential turning point for the memes piece. At the time of the press, Dogecoin is stuck around the region of $ 0.25, moving barely after a substantial drop in early February, with little to confirm a final fund in place.
Dogecoin stuck in limbo
From the labeling of the graph, the analyst uses a mixture of Elliott wave enumerations and Fibonacci trace levels to map the next possible steps of Dogecoin. In particular, a large corrective sequence labeled (1), (4), C, A, B, W, X, Y highlights multiple waves that overlap – undidicated to be extended rather than a simple withdrawal price.
In the last drop -down step, the analyst’s brands show a major low switch to $ 0.21 to $ 0.22, which coincides with a potential wave (4) on the graph, although there is a “Alt 4?” The label suggesting that this can still be another count which leads to the price of the Doge even more in a final correction.
Fibonacci retractions and extensions drawn in the region from $ 0.22 to $ 0.24, with key levels, including the retrace from 50% to $ 0.2446, a level of 78.6% almost 0 , $ 2206 and an extension of 100% around $ 0.2338, are key support levels. These overlapping areas show where the Doge price has rebounded and consolidated in the last sessions.
Despite the structure of the complex waves, the analyst emphasizes that there is “no clear confirmation of a background”. The price was linked to the beach in the territory in the middle of $ 0.25, without the momentum usually observed in robust trend reversals. More online crypto highlights two primary general costs which could confirm a bullish overthrow: $ 0.293 – The rupture above this area can offer the first tangible indication that buyers take control and $ 0.341 – a fence greater than $ 0.341 would serve as a stronger confirmation of the reversion of trends and probable invalidate the number of lower current routes.
Until these thresholds are violated, the analyst remains cautious, noting that even if they “lean down to be”, there is still no final evidence to support it. A crucial observation is the moody rebound on recent stockings while the price of bitcoin experienced a strong movement up on Thursday.
According to the graph, each subsequent increase has been superficial, not having obtained a significant traction and by suggesting that the sellers remain active. This highlights the wider uncertainty. If buyers cannot exceed $ 0.293 soon, the lateral Dogecoin drift could persist. A deeper drop below $ 0.22 could give rise to a larger corrective scheme, labeled on the graph like (5) or C, contesting hopes that the last low swing is the bottom of the cycle.
In the words of the analyst: “Despite some graphics showing strong movements today, the price of the Doge has remained stagnant, without a clear confirmation of a background. The price continues to move laterally, lacking decisive momentum. A break above $ 0.293 would be the first step to report a potential reversal, with a stronger confirmation from a step beyond $ 0.341. While I lean downwards, there is still no final evidence. Until now, the upward movement of the last lower has been too small to be significant. »»
At the time of the press, DOGE exchanged $ 0.25.
