Dogecoin’s structure is “still trying to change,” according to a More Crypto Online market technician, who states that both the higher time frame and intraday counts now allow for a constructive path to $0.60 – provided a handful of support and breakout thresholds are held. In a new videoThe analyst describes a market that is “printing higher highs and higher lows,” but warns that progress is “jerky, slow… boring and very fragile,” underscoring how conditional the bullish stance remains.
Loading Dogecoin Breakout
On the daily chart, the core thesis is the integrity of the August corrective low, also known as the wave-2 pivot. “From a daily chart perspective [price] should actually…ideally stay above the second wave low that formed here in August,” the analyst says, citing that local invalidation line at $0.189.
A decisive violation would force a remarking of the larger structure: “If we break below this red line, the idea that a B wave bottomed out in June will have to be revised.” Still, the commentator maintains a secondary bullish path, noting that an extended B-wave could still be in play as “a broader ABC structure,” with the market then attempting another reversal “from the lower support area.”
Related reading
Upside beliefs rotate around the September swing high. “Once we get above the last swing high from September, we could be heading to $0.49+,” the analyst said. That level acts as the first entry point into the high timeframe: a clean breakout would confirm that the move out of the September trough has transitioned from a corrective to an impulsive nature, confirming the idea that the June B-wave low has already been pushed.
The evidence from a lower time frame does the heavy lifting. On the one-hour chart, the price action from the late September base is described as a driver: “The move up from the September low appears to be a five-wave move up. This allows the interpretation that we have already bottomed out in the B wave.” In contrast, the decline from the September 13 local high is depicted as a completed three-step retracement.
If that figure holds, the current pullback should remain corrective and end above clearly defined micro levels: “The upper micro support is between $0.23 and $0.245 with an additional key level… at $0.233,” the analyst notes. The conditions are clear: “Ideally, we will hold above $0.23 during this pullback. If we see an impulsive reaction to the upside from here, this could be the start of a third wave rally.”
Related reading
Risk management and location remain central. The broader support shelf that cushioned the September local bottom is above the daily invalidation line and is expected to remain active on any deeper shakeout: “This support area is still relevant… we could get another test… probably in the $0.21 to $0.20 area,” the analyst says, adding that this band is settling into the wider zone of $0.227-$0.20. Lose $0.23 decisively and “it increases the likelihood that we are still in this B wave,” he warns – a shift that would delay, not nullify, the bullish roadmap as long as $0.189 holds.
What would take Dogecoin past $0.49 towards the main target of $0.60? The blueprint outlined by the analyst implies an impulsive advance of the third wave once micro support holds and the September swing high collapses. In classic Elliott terms, a confirmed third wave often extends beyond the original driver, and the technician explicitly marks the intent: “If we see an impulsive response… this could be the start of a third wave rally.”
Furthermore, the $0.49 handle – identified as the first destination after a breakout – would be a staging area rather than an ending point. After a fourth wave correction, DOGE could start a fifth wave, which the analyst places in the $0.60 region.
However, the message is more conditional than euphoric. “It is always important to zoom out,” the analyst reminds viewers, emphasizing that while Dogecoin is “moving up slowly step by step,” the progress is not yet an emphatic boost.
At the time of writing, DOGE was trading at $0.25.
Featured image created with DALL.E, chart from TradingView.com
#Dogecoin #Analysts #chart #path