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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Dogecoin Price On The Edge: Breakout Or Breakdown—What’s Next?

Jake Simmons
Jake Simmons
6 months ago
3 mins read
Dogecoin price news

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In a technical update posted on X, crypto analyst More Crypto Online (@Morecryptoonl) presented a one-hour DOGE/USD chart (Binance) illustrating a precarious sideways movement and a potential turning point for the meme coin. At press time, Dogecoin is stuck around the $0.25 region, barely moving after a substantial drop in early February, with little to confirm a definitive bottom in place.

Dogecoin Stuck In Limbo

From the chart’s labeling, the analyst employs a blend of Elliott Wave counts and Fibonacci retracement levels to map out Dogecoin’s possible next steps. Notably, a broad corrective sequence labeled as (1), (4), C, A, B, W, X, Y highlights multiple overlapping waves—indicative of an extended correction rather than a simple price pullback.

In the latest leg downward, the analyst’s markings show a major swing low around $0.21–$0.22, which coincides with a potential wave (4) on the chart, although there is an “alt 4?” label suggesting this may still be an alternative count which drags the DOGE price even deeper in one last correction.

Dogecoin price analysis
Dogecoin price analysis | Source: X @Morecryptoonl

The Fibonacci retracements and extensions plotted in the $0.22–$0.24 region, with key levels including the 50% retracement at $0.2446, a 78.6% level near $0.2206, and a 100% extension around $0.2338, are key support levels. These overlapping zones show where DOGE’s price bounced and consolidated over the past several sessions.

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Despite the intricate wave structure, the analyst points out there is “no clear confirmation of a bottom.” The price has been range-bound in the mid-$0.25 territory, lacking the momentum usually seen in robust trend reversals.
More Crypto Online underscores two primary levels overhead that could confirm a bullish reversal: $0.293 – Breaking above this zone may offer the first tangible indication that buyers are taking control and $0.341 – A close above $0.341 would serve as a stronger confirmation of trend reversal and likely invalidate current lower-wave counts.

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Until these thresholds are breached, the analyst remains cautious, noting that while they “lean toward the low being in,” there is still no definitive evidence to support it. A crucial observation is the muted bounce off recent lows while the Bitcoin price saw a strong move upwards on Thursday.

According to the chart, each subsequent uptick has been shallow, failing to gain meaningful traction and hinting that sellers remain active. This underscores the broader uncertainty. If buyers cannot push above $0.293 soon, Dogecoin’s sideways drift could persist. A deeper dip below $0.22 could give rise to a more extended corrective pattern, labeled on the chart as (5) or C, challenging bullish hopes that the last swing low is the cycle bottom.

In the words of the analyst: “Despite some charts showing strong moves today, the DOGE price has remained stagnant, with no clear confirmation of a bottom. The price continues to move sideways, lacking decisive momentum. A break above $0.293 would be the first step in signaling a potential reversal, with stronger confirmation coming from a move beyond $0.341. While I lean toward the low being in, there’s still no definitive evidence. So far, the upside move from the last low has been too small to be meaningful.”

At press time, DOGE traded at $0.25.

Dogecoin price
Dogecoin price, 1-day chart | Source: DOGEUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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