{"id":8781,"date":"2025-02-20T12:36:35","date_gmt":"2025-02-20T11:36:35","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=8781"},"modified":"2025-02-20T12:36:35","modified_gmt":"2025-02-20T11:36:35","slug":"dogecoins-future-hangs-in-the-balance-as-key-support-level-threatened-analyst-cautions","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/02\/20\/dogecoins-future-hangs-in-the-balance-as-key-support-level-threatened-analyst-cautions\/","title":{"rendered":"Dogecoin’s Future Hangs in the Balance as Key Support Level Threatened, Analyst Cautions"},"content":{"rendered":"

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In a clip shared on Wednesday, the well-known YouTube channel More Crypto Online provided an assessment of Dogecoin\u2019s price framework, indicating that the meme-based cryptocurrency might be on the verge of either a surge or a fall\u2014if it drops below essential support levels. The analyst\u2019s perspective<\/a> revolves around Elliott Wave counts, potential consolidation formations, and crucial price points that could shape Dogecoin\u2019s near-term direction.<\/p>\n

Dogecoin Balances On The Brink<\/h2>\n

The analyst observes that Dogecoin has exhibited \u201conly lateral movement over the past few days, actually the last 10 days or so,\u201d following a significant downturn. As per the channel\u2019s presenter, the price has entered a previously recognized support area<\/a> and has since struggled to push past the key resistance at $0.34:<\/p>\n

Related Reading<\/span><\/h2>\n<\/p>\n

\u201cRegrettably, we did not surpass the $0.341 mark in that rally and we haven\u2019t yet breached any signal line, which is unfortunate as it keeps the price trapped in this lateral consolidation phase,\u201d he stated.
Despite the subdued price fluctuations, the analyst is optimistic that Dogecoin may still establish a classic A-B-C corrective sequence, with the potential C-wave finding a floor slightly below the A-wave trough: \u201cIf this genuinely forms an A-B-C pattern, the C-wave would typically conclude below the low of the A-wave [\u2026] doesn\u2019t have to, but that appears likely.\u201d<\/p>\n

Dogecoin price analysis | Source: YouTube<\/figcaption><\/figure>\n

He anticipates that the \u201coptimal target\u201d for the C-wave hovers around $0.233 to $0.234, inferred from gauging the length of the initial A-wave. The $0.22 mark is particularly crucial, aligning with the 78.6% Fibonacci retracement. Sustaining this area is seen as essential for maintaining the wider bullish narrative: \u201cAs long as the market stays above $0.22, the overall bullish thesis holds firm [\u2026] ideally we\u2019re remaining above it.\u201d<\/p>\n

A decline beneath this level would significantly undermine the bullish argument<\/a>, with another lower figure, $0.204, identified as the ultimate point of invalidation. A decisive fall below either mark could indicate further declines: \u201cAny breach below $0.22 will probably lead to invalidation [\u2026] the invalidation point itself is a bit lower, however, that stands at $0.204 and we are quite far from that at the moment.\u201d<\/p>\n

Related Reading<\/span><\/h2>\n<\/p>\n

From the analyst\u2019s viewpoint, Dogecoin would need to exceed specific \u201csignal lines\u201d to offer stronger proof of a trend shift. He identifies $0.293 as the initial signal of a potential low, whereas breaking beyond $0.342 would be viewed as a more decisive upside breakout trigger.<\/p>\n

\u201cOnce we finally initiate the third wave [\u2026] we need to ascend past the first signal line [\u2026] it would be better to break above the upper signal line at $0.342,\u201d the analyst mentions. In this scenario, the structure would affirm a sustained bullish wave, potentially substantiating expectations of a more significant Dogecoin upswing.<\/p>\n

The analyst stresses that a considerable portion of the cryptocurrency market remains in lateral territory. He particularly contrasts Dogecoin\u2019s robustness with Solana, which he observes has \u201cdeclined quite a bit,\u201d while Dogecoin seems to be \u201cholding up fairly well.\u201d Nevertheless, larger market sentiment<\/a> and macroeconomic elements continue to sway price tendencies across the spectrum.<\/p>\n

At the time of writing, DOGE was valued at $0.25.<\/p>\n

\"Dogecoin
Dogecoin remains beneath the 0.236 Fibonacci level, 1-day chart | Source: DOGEUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image created with DALL.E, chart from TradingView.com<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Este art\u00edculo tambi\u00e9n est\u00e1 disponible en espa\u00f1ol. In a clip shared on Wednesday, the well-known YouTube channel More Crypto Online provided an assessment of Dogecoin\u2019s price framework, indicating that the meme-based cryptocurrency might be on the verge of either a surge or a fall\u2014if it drops below essential support levels. The analyst\u2019s perspective revolves around<\/p>\n","protected":false},"author":3,"featured_media":8782,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[1369,1370],"class_list":["post-8781","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-gptreturn-a-list-of-comma-separated-tags-from-this-title-dogecoin-could-collapse-if-this-support-fails","tag-analyst-warns-gpt"],"yoast_head":"\nDogecoin's Future Hangs in the Balance as Key Support Level Threatened, Analyst Cautions - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/02\/20\/dogecoins-future-hangs-in-the-balance-as-key-support-level-threatened-analyst-cautions\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dogecoin's Future Hangs in the Balance as Key Support Level Threatened, Analyst Cautions - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"Este art\u00edculo tambi\u00e9n est\u00e1 disponible en espa\u00f1ol. 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