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A newly released video -analysis by Crypto commentator Asif.eth (@asifeth) claims that Dogecoin is currently acting on what he calls a heavily undervalued level. He offered An explanation why he believes that the continuous correction of the currency has just been completed -a process that he interpreted by an Elliott golf lens and, more specifically, an ABC -correcting pattern.
Has Dogecoin ended his ABC correction?
In his discussion, the analyst described how Dogecoin had shown a pronounced turnout, after which he saw “the first A correction and then we got a B higher, higher low … and then we received a C -Type correction.”
He suggested that this last “C -Golf” might have pulled back token in a crucial support region, and noted that “this ABC could be and the current correction plays with a RSI on Oversold Territorium,” a condition that he as a Strong regards sale signal. Although he acknowledged the possibility of misleading the waves, he claimed that the structure indicates a wide corrective phase that could now almost be completed.
The main prize region that he identified comprises approximately $ 0.24 to $ 0.18, an area that he repeatedly called a “very, very good” place to collect Dogecoin. He called it a “huge supply in a huge demand zone” and noted that the token had reversed the same reach between support and resistance several times.
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Although he has faith in the bullish meaning of that zone, he sketched $ 0.16 as a strict cutoff under which he would leave a Dogecoin position, which says: “If you break … under $ 0.16, Do you have to sell that token “, because you have to sell that token,” a drop below that level can make the entire bullish setup invalid. Negative sentiment suddenly accelerates.
He also supported his argument by pointing out the so -called FIB Golden Pocket, measured from what he described as Dogecoin’s last large low in August 2024 until the subsequent price -high price. By overlapping that Fibonacci racement with the same demand areas of $ 0.24- $ 0.18, he found consistent proof that the market regards this band as crucial for the long-term structure of Dogecoin. He described it as “precisely in accordance with our top zone”, in which he explained that confluence as this – in combination with an over -sold RSI lecture – increases the probability of a price rebound.
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Although the analyst said that Dogecoin’s “hype” factor has decreased, he interpreted that lack of regular speculation as a positive sign, and claims that “no one sells Dogecoin as hyper aggressively”, which could promote stability in the short term . In his opinion, sentiment can shift sharply as soon as traders realize that the currency is included in its ABC correction, especially if broader market conditions become more favorable.
He concluded by repeating the importance of these levels. He sees the $ 0.24- $ 0.18 corridor as a prime accumulation zone, regards $ 0.16 as a clear stop-loss level in case the market breaks and believes that the price action of Dogecoin will confirm around these barriers Whether the ABC correction is really complete.
Reminding of his own words: “Dogecoin looks very, very good and whole, very discounted in this entire market,” he insisted on potential buyers to consider the risk-to-balance ratio of the currency at a time that Other traders, anticipatory at the end of the so-called Meme-Muntjunkkkk, seem to be overlooking it.
At the time of the press, Doge traded at $ 0.25.
Featured image made with dall.e, graph of tradingview.com
