Elliot Wave points to a recovery in Dogecoin price as DOGE ETF inflows rise

Dogecoin price held steady above a crucial support level, with the Elliot Wave pattern pointing to an eventual near-term recovery.

The Dogecoin (DOGE) token traded at $0.1397 on Saturday, a few points above the key support level of $0.1153. It remains in a bear market after falling more than 70% below its 2025 high.

A potential catalyst for the DOGE token is that demand for its ETFs has increased modestly. Data shows the funds added more than $1.94 million this week, after more than $2.59 million a week earlier. Their monthly inflows have risen to $4.23 million, the largest monthly increase ever.

These funds have added more than $4.64 million in inflows, bringing net assets to more than $10.16 million. They account for 0.04% of Dogecoin’s market capitalization.

Dogecoin price Elliot Wave analysis

The weekly timeframe chart shows that the DOGE price has fallen in recent months, from a high of $0.4788 in November 2024 to the current $0.14.

A closer look shows that the coin remains slightly above the bottom of the megaphone pattern. A megaphone is one of the most common bullish continuation signals in technical analysis. Dogecoin has always recovered when it went to that support level.

At the same time, Elliot Wave’s analysis suggests that the coin has more upside in the coming weeks. It has already completed the formation of the AB, BC and CD phases and is now beginning to form the DE phase.

If this happens, the initial target to watch will be $0.3068, the September high. Such a move would be 117% above current levels. Flipping that resistance will take you to key resistance at $0.4788, up 235% above current levels.

However, a move below the bottom of the channel will indicate more downsides as it will invalidate the Elliot Wave pattern. Moreover, it will take some time for the bullish DOGE price to unfold as it is based on the weekly chart.