Dogecoin’s Quiet Setup Could Detonate Shorty, Says Analyst—Here’s The Target
The post Dogecoin’s Quiet Setup Could Detonate Shorty, Says Analyst—Here’s The Target appeared on BitcoinEthereumNews.com. Dogecoin was changing hands near $0.174 in European trading on Thursday, extending a two-day rebound that began when buyers twice defended the mid-June floor around $0.16. The 11% recovery since the Tuesday low has put the largest memecoin back on traders’ radars, but technical analyst More Crypto Online cautions that what looks like an impulsive burst is in fact “all corrective in nature,” with the market still trapped inside a complex diagonal wave pattern that could just as easily fail. Dogecoin Is Quietly Coiling For A Potential Breakout In a video update recorded on 2 June, the analyst dissected the one-hour chart and concluded that the advance from the 22 June low is best counted as a three-wave move. “Because wave 1 … was only a three-wave move, the third wave should unfold as an ABC structure,” he said, underscoring that the rally lacks the five-wave DNA of a trend reversal. Even so, as long as Dogecoin defends what he called a “micro-support area between $0.16 and $0.166,” the diagonal remains valid and a measured target at $0.196—the 138 percent Fibonacci extension of wave 1—“remains plausible.” The roadmap is conditional. First, the current A-wave has to finish; then a corrective B-wave should follow, “and in the C-wave we could then rally to round about $0.196.” A probe toward $0.182 before that pullback cannot be ruled out, but the analyst warned viewers not to assume a straight shot higher. “Please be aware that we could be dealing with very choppy and messy structures,” he said. If bulls do force a full five-wave climb from the July swing low, that sequence would mark the first leg of a larger five-wave advance—a textbook signal that the broader down-trend from Dogecoin’s March peak may finally be exhausted. Failure to hold $0.16, however, would invalidate…
The post Dogecoin’s Quiet Setup Could Detonate Shorty, Says Analyst—Here’s The Target appeared on BitcoinEthereumNews.com.
Dogecoin was changing hands near $0.174 in European trading on Thursday, extending a two-day rebound that began when buyers twice defended the mid-June floor around $0.16. The 11% recovery since the Tuesday low has put the largest memecoin back on traders’ radars, but technical analyst More Crypto Online cautions that what looks like an impulsive burst is in fact “all corrective in nature,” with the market still trapped inside a complex diagonal wave pattern that could just as easily fail. Dogecoin Is Quietly Coiling For A Potential Breakout In a video update recorded on 2 June, the analyst dissected the one-hour chart and concluded that the advance from the 22 June low is best counted as a three-wave move. “Because wave 1 … was only a three-wave move, the third wave should unfold as an ABC structure,” he said, underscoring that the rally lacks the five-wave DNA of a trend reversal. Even so, as long as Dogecoin defends what he called a “micro-support area between $0.16 and $0.166,” the diagonal remains valid and a measured target at $0.196—the 138 percent Fibonacci extension of wave 1—“remains plausible.” The roadmap is conditional. First, the current A-wave has to finish; then a corrective B-wave should follow, “and in the C-wave we could then rally to round about $0.196.” A probe toward $0.182 before that pullback cannot be ruled out, but the analyst warned viewers not to assume a straight shot higher. “Please be aware that we could be dealing with very choppy and messy structures,” he said. If bulls do force a full five-wave climb from the July swing low, that sequence would mark the first leg of a larger five-wave advance—a textbook signal that the broader down-trend from Dogecoin’s March peak may finally be exhausted. Failure to hold $0.16, however, would invalidate…
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