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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Dogecoin Price Gets Caught In Long Cup And Handle Pattern That Could Send Price Crashing Below $0.2

Scott Matherson
Scott Matherson
8 months ago
3 mins read
Dogecoin crash

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The Dogecoin price is consolidating around the $0.3 mark after declining by more than 21% in the past month. A crypto analyst has identified a new Cup and Handle pattern, suggesting that the top meme coin is likely headed for more pain, with a potential crash below $0.2. 

Chart Pattern To Trigger Dogecoin Price Crash

A TradingView analyst known as ‘Cryptechcapital’ has shared a chart representing an Elliott Wave analysis of Dogecoin’s price movements on a long-term weekly time frame. While the analyst has provided a detailed report on Dogecoin’s present Elliott Wave structure, he has identified the formation of a textbook Cup and Handle pattern. 

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A Cup and Handle pattern is a technical indicator that signals a period of consolidation before a breakout. While it is typically considered a bullish signal that extends an uptrend, the crypto analyst has noted that its appearance in Dogecoin‘s chart points to a significant price correction to new lows. 

Dogecoin price
Source: TradingView

The analyst’s Dogecoin price chart outlines a 5-wave impulse structure from 1 to 5. Dogecoin is currently at Wave 4, a correction wave, where prices retrace and move sideways for a prolonged period. The handle of the Cup and Handle pattern also corresponds with Wave 4 of Dogecoin’s 5-wave structure. 

In the immediate term, the TradingVolume analyst has predicted a significant Dogecoin price crash once it completes Wave 4. He suggested that if the Cup and Handle pattern holds, Dogecoin may experience downward pressure over the next week. The analyst also added that the broader cryptocurrency market might face similar bearish headwinds, particularly with the rising market volatility and Bitcoin’s declining price. 

While the exact levels of the analyst’s projected decline are not specified, Wave 4 corrections are usually known to retrace significant portions of the previous Wave 3 gains. This means that if Dogecoin experiences a price decline during Wave 4, a potential dip below $0.2 could be possible.

Dogecoin Crash First, Recovery Next?

While Cryptechcapital has predicted a significant price crash for Dogecoin, he also asserts that this anticipated correction could pave the way for a powerful rebound. The TradingView analyst revealed that after the completion of Wave 4, Dogecoin is expected to enter Wave 5, signaling the end of its bearish phase and the beginning of a potential price rally. 

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As mentioned above, the Cup and Handle pattern often signals the final consolidation phase before a price breakout. The TradingView analyst has predicted that Dogecoin could undergo a severe price crash before triggering a price recovery to the coveted $1 mark.

The analyst’s price chart also highlights that if Dogecoin achieves a local high instead of continuing its projected correction, the Cup and Handle pattern will be invalidated. This development would require a new forecast for Dogecoin’s price trajectory. 

Dogecoin price chart from Tradingview.com
DOGE price rises toward $0.32 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.comDogecoin Trump trade best altcoin
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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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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