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\u2019 radars, but technical analyst More Crypto Online cautions that what looks like an impulsive burst is in fact \u201call corrective in nature,\u201d with the market still trapped inside a complex diagonal wave pattern that could just as easily fail.<\/p>\n
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. \u201cBecause wave 1 \u2026 was only a three-wave move, the third wave should unfold as an ABC structure,\u201d 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 \u201cmicro-support area between $0.16 and $0.166,\u201d the diagonal remains valid and a measured target at $0.196\u2014the 138 percent Fibonacci extension of wave 1\u2014\u201cremains plausible.\u201d<\/p>\n
The roadmap is conditional. First, the current A-wave has to finish; then a corrective B-wave should follow, \u201cand in the C-wave we could then rally to round about $0.196.\u201d A probe toward $0.182 before that pullback<\/a> cannot be ruled out, but the analyst warned viewers not to assume a straight shot higher. \u201cPlease be aware that we could be dealing with very choppy and messy structures,\u201d he said.<\/p>\n 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\u2014a textbook signal that the broader down-trend from Dogecoin\u2019s March peak may finally be exhausted. Failure to hold $0.16, however, would invalidate the diagonal count and expose the June lows<\/a> near $0.151, where on-chain data show a thin layer of spot bids and little derivative support.<\/p>\n Market context is mixed. CoinGecko data show Dogecoin\u2019s 24-hour turnover has topped $1.5 billion, roughly in line with last week\u2019s average, while the memecoin\u2019s correlation with Bitcoin has weakened to 0.62, its lowest reading since early May.<\/p>\n In the short term, though, all eyes are on the $0.16 band. As More Crypto Online summed up, \u201cThe diagonal pattern basically remains plausible as long as we\u2019re holding that $0.16 level.\u201d Should that floor survive the inevitable B-wave turbulence, Dogecoin\u2019s \u201cquiet setup\u201d might indeed detonate shortly\u2014propelling the token toward $0.196 and potentially signalling a more durable trend change.<\/p>\n Notably, the upper boundary of Dogecoin\u2019s long-running descending channel in the daily chart, now situated near $0.20, lines up almost exactly with More Crypto Online\u2019s bullish target. A decisive breakout through this confluence would not only pierce the ceiling that has capped prices since the December 8 high at $0.4843 but could also validate the analyst\u2019s call for a trend reversal<\/a>.<\/p>\n At press time, DOGE traded at $0.174.<\/p>","protected":false},"excerpt":{"rendered":" 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\u2019 radars, but technical analyst More Crypto Online cautions that what looks like an impulsive […]<\/p>\n","protected":false},"author":0,"featured_media":78077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-78076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/78076"}],"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=78076"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/78076\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/78077"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=78076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=78076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=78076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}