TLDR
- Dogecoin has held long-term support between $0.055 and $0.075 since 2022.
- A breakout above $0.30 could confirm DOGE’s next impulsive wave up.
- Fibonacci projections suggest potential upside between $2 and $3.
- DOGE’s structure mirrors its 2020 consolidation before the major rally.
Dogecoin’s market structure is once again drawing attention from technical analysts. Recent chart studies suggest that the popular meme coin could be approaching a major turning point, one that might define its long-term trajectory. Analysts HovWaves and MikyEdge both see similar technical setups forming — with the potential for a strong upside once key resistance levels are cleared.
DOGE Nears Completion of Its Corrective Phase
The weekly chart from analyst HovWaves shows Dogecoin nearing the end of a prolonged corrective pattern within an Elliott Wave structure. This pattern, which has unfolded over multiple cycles, positions DOGE at the tail end of wave (iv), suggesting that wave (v) typically a strong bullish phase, may soon follow.
DOGE/USD 1W Chart | Source: X
The $0.055 to $0.075 range has acted as a historical accumulation zone since early 2022, repeatedly attracting strong buying interest whenever prices dipped into this region. The analysis further points to a possible short-term dip before reversal, marking what could be the final leg of the correction. Once the support area is confirmed, DOGE may attempt a breakout toward the $0.18–$0.22 zone, a level that previously acted as resistance.
Technical Confluence Supports the Bullish Case
Moreover, the alignment between Fibonacci retracement zones and historical resistance levels adds strength to the bullish argument. The 0.786 Fibonacci extension aligns closely with the projected wave (v) peak, reinforcing the possibility of a substantial move once momentum builds. Analysts note that the $0.25–$0.30 range remains crucial a weekly close above it would confirm a reversal and open the path for a broader uptrend.
This setup mirrors DOGE’s 2020–2021 accumulation phase, when prices remained subdued before a dramatic breakout. Market sentiment appears to be resetting in a similar manner, with traders gradually re-entering positions in anticipation of a longer-term move. Still, confirmation will depend on sustained closes above resistance and increased volume on higher timeframes.
Long-Term Channel Structure Suggests Expansion Ahead
Additionally, On a broader scale, MikyEdge’s quarterly chart illustrates Dogecoin trading within a long-term ascending channel that has remained intact since 2014. The pattern reflects three previous cycles of consolidation followed by sharp expansions. The ongoing structure shares characteristics with the 2016–2019 and 2019–2020 setups, both of which led to explosive rallies once descending resistance lines were breached.
DOGE/USD 3M Chart | Source: X
The current ceiling near $0.30 represents a key breakout threshold. A close above this level could confirm a fresh parabolic leg toward the upper band of the channel estimated between $1.20 and $1.50. Each consolidation phase within this channel has grown shorter, hinting that DOGE’s market cycles are accelerating alongside increased liquidity and maturity in the crypto sector.
Outlook Remains Cautiously Optimistic
Consequently, Dogecoin continues to maintain structural integrity on both weekly and quarterly timeframes. The convergence of multiple technical patterns, Elliott Wave projections, long-term channel support, and recurring accumulation cycles collectively favours a bullish resolution. However, holding above $0.14 remains vital to prevent deeper retracements and maintain the setup’s validity.
As the market awaits confirmation, DOGE stands at a pivotal moment. If historical patterns persist and resistance levels yield, the next rally could mark one of the most significant phases in Dogecoin’s history, potentially propelling it back toward multi-dollar territory.
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