{"id":46233,"date":"2025-02-20T11:00:19","date_gmt":"2025-02-20T11:00:19","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=46233"},"modified":"2025-02-20T11:00:19","modified_gmt":"2025-02-20T11:00:19","slug":"dogecoin-could-collapse-if-this-support-fails-analyst-warns","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=46233","title":{"rendered":"Dogecoin Could Collapse If This Support Fails, Analyst Warns"},"content":{"rendered":"

In a video on Wednesday, the popular YouTube channel More Crypto Online offered an analysis of Dogecoin\u2019s price structure, suggesting that the meme-inspired cryptocurrency could be on the cusp of a breakout or breakdown\u2014provided it falls below critical support levels. The analyst\u2019s outlook<\/a> centers around Elliott Wave counts, potential consolidation patterns, and pivotal price thresholds that could define Dogecoin\u2019s short-term trajectory.<\/p>\n

Dogecoin Teeters On The Edge<\/h2>\n

The analyst notes that Dogecoin has shown \u201conly sideways action over the last few days, actually last 10 days or so,\u201d following a significant selloff. According to the channel\u2019s host, the price dipped into a previously identified support zone<\/a> and has since failed to rally above the key resistance at $0.34:<\/p>\n

\u201cUnfortunately, we did not break above the $0.341 level in that recovery and we haven\u2019t yet broken above any signal line, which is a shame because it keeps the price caught in this sideways consolidation mode,\u201d he said.
\nDespite the muted price action, the analyst believes Dogecoin may still form a classic A-B-C corrective pattern, with the potential C-wave finding a bottom slightly below the A-wave low: \u201cIf this really is an A-B-C structure, the C-wave would normally end below the low of the A-wave [\u2026] doesn\u2019t have to, but that seems to be likely.\u201d<\/p>\n

He estimates that the \u201cideal target\u201d for the C-wave sits around $0.233 to $0.234, derived from measuring the length of the initial A-wave. Of particular importance is the $0.22 level, which aligns with the 78.6% Fibonacci retracement. Maintaining this zone is viewed as critical to preserving the broader bullish scenario: \u201cOnly as long as the market holds above $0.22, the overall let\u2019s say bullish thesis remains intact [\u2026] ideally we\u2019re holding above it.\u201d<\/p>\n

Any drop below this threshold would seriously dent the bullish case<\/a>, and another lower figure, $0.204, is cited as the ultimate invalidation point. A decisive break under either level could signal further downside: \u201cAny break below $0.22 will likely lead to invalidation [\u2026] the invalidation point itself is a little lower, however, that\u2019s at $0.204 and we are far away from that at the moment.\u201d<\/p>\n

From the analyst\u2019s perspective, Dogecoin would need to exceed certain \u201csignal lines\u201d to provide stronger evidence of a trend reversal. He highlights $0.293 as the first signal of a potential low, while a move beyond $0.342 would be considered a more definitive upside breakout trigger.<\/p>\n

\u201cOnce we finally start the third wave [\u2026] we need to get above the first signal line [\u2026] better will be a break above the upper signal line at $0.342,\u201d the analyst states. In that scenario, the structure would confirm a sustained bullish wave, potentially validating expectations of a more pronounced Dogecoin rally.<\/p>\n

The analyst emphasizes that much of the crypto market remains in sideways territory. He specifically compares Dogecoin\u2019s resilience to Solana, which he notes has \u201cdropped quite a bit,\u201d while Dogecoin appears to be \u201cholding quite well.\u201d Nevertheless, broader market sentiment<\/a> and macroeconomic factors continue to influence price performance across the board.<\/p>\n

At press time, DOGE traded at $0.25.<\/p>","protected":false},"excerpt":{"rendered":"

In a video on Wednesday, the popular YouTube channel More Crypto Online offered an analysis of Dogecoin\u2019s price structure, suggesting that the meme-inspired cryptocurrency could be on the cusp of a breakout or breakdown\u2014provided it falls below critical support levels. The analyst\u2019s outlook centers around Elliott Wave counts, potential consolidation patterns, and pivotal price thresholds […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-46233","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/46233"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46233"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/46233\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}