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A recently published Dogecoin (Doge) graph of analyst Paul (@zig_zagtrades) suggests that the popular meme -based cryptocurrency could glide as low as $ 0.12 in a final corrective phase before trying a significant rebound. The 1-day graph, shared on X, outlines a textbook Elliott golf structure that Paul interprets as a larger (A)-(B)-(C) correction, with a potential wave 2 near the $ 0.12- $ 0.15 region.
More disadvantage for Dogecoin Vooruit?
In Paulus analysisDogecoin has traced a decline of five courses since he reached a prominent peak as Golf 1 on his card. This top coincided with a multi-day increase that lost the momentum and was lower, which led to a series of smaller waves marked as 1, 2, 3, 4, and now 5. The analyst indicates that these fifth and final subgolf probably close a wider C-Golf (or 2nd Golf as it is higher). The notations of Paul emphasize a “GZ” (a “golden zone” that is often used by traders to determine Fibonacci support clusters), and its markings determine Fibonacci ratios that can define the floor of doge in the short term.
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The graph shows a cluster of important retracement levels of $ 0.16 to the range of the middle of $ 0.11. Paul emphasizes Fibonacci levels at 61.8% around $ 0.160257 and $ 0.150508, in addition to deeper retracements at 78.6% near $ 0.118726 and a projection of 100% around $ 0.126709. These numerical zones seem to scrap the “GZ” in which Paul believes that Doge can complete his last subwave. According to the graph, the $ 0.12 – $ 0.15 pocket stands out as the most critical price area for bulls that want to stop the current trend.
The path from the current price area to this lower objective is labeled with a sub -golf count that suggests a last push at earlier lows. Candlestick patterns on the graph confirm a series of lower highlights and lower lows in the past weeks, a sign that the Bearish Momentum remains intact. Volumstaves at the bottom indicate a steady sales pressure with downward impulses, in accordance with the image that Doge could still harden his terminal stage of the correction.
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Paul’s use of Ichimoku Cloud settings shows that the price has been consistently traded under the cloud since the end of January, which indicates that Doge should not recover a bullish momentum. The shaded green cloud area in its graph seems to have shared as dynamic resistance and a backup of the idea that the market has remained in a corrective position for several weeks. The labeling of the analyst of the waves outside the alleged soil, marked as (1) to (5), suggests an expectation of a final upward cycle such as and when the mint finds support in the “GZ” zone.
While the graph projects a subsequent rally of the expected layer, there are no guarantees that Doge will certainly contain the tire of $ 0.12 – $ 0.15. If you do not do this, the corrective pattern will be theoretically expanded and the bullish golf count undermines, but the annotation of Paul implies that he sees the current Downswing as a final flush of sellers. In his own words: “Doge 1D: a subwave 5 -drop setting a Golf C/2 finish in the GZ for Doge”, suggests an expectation of a local soil in this area, although the general direction of the market will depend on whether enough buyers intervene at those Fibonacci levels.
DOGE at $ 0.17 at the time of the press traded
Featured image made with dall.e, graph of tradingview.com