Dogecoin (DOGE) Price Stabilizes in Symmetrical Triangle as Market Awaits Next Move

Key Takeaways

• Wave 3 peaked at $0.48, starting Wave 4 correction.
• Key support at $0.35, $0.29, and $0.24 levels.
• Wave 5 could push prices higher, breaking $0.48.

Dogecoin is in a corrective phase after peaking at a yearly high of $0.48 during Wave 3.

The price has retraced in an ABC pattern within Wave 4, nearing key Fibonacci levels.

Strong buyer interest suggests the potential for an upward Wave 5 breakout soon, but a lower-degree symmetrical triangle breakout will provide further insight.

DOGE Price Analysis 

The daily Dogecoin chart illustrates an Elliott Wave structure, with Wave 3 peaking at $0.48 on Dec.8 and entering a corrective Wave 4 phase.

The price has retraced in an ABC pattern, with Wave C nearing key Fibonacci retracement levels to a low of $0.262 on Dec. 20.

This could be its completion before the next bullish impulse in Wave 5, as we saw a near 20% wick on the daily candle, closing at $0.31 and suggesting strong buyer interest. 

Current retracement levels include $0.35 (0.382 Fibonacci), $0.29 (0.5 Fibonacci), and $0.24 (0.618 Fibonacci).

Relative Strength Index (RSI) divergence confirms weakening momentum during Wave 3, aligning with the correction.

Wave 5 is expected to push Dogecoin’s price higher, potentially surpassing the previous peak at $0.48. Price stabilization and an upward breakout will likely confirm Wave 4’s completion.

Key Observations

• Wave 3 peaked at $0.48, initiating Wave 4 correction.
• Current support lies at $0.35 (0.382 Fibonacci retracement).
• RSI divergence signals weakening bullish momentum.

DOGE Price Prediction 

This hourly Dogecoin chart shows the ongoing Wave 4 correction unfolding in an ABC structure.

The price is consolidating within a symmetrical triangle, signaling potential breakout opportunities.

The next move could either confirm the downward continuation of Wave C or initiate an early start of Wave 5.

Key Fibonacci levels provide significant support and resistance zones. The 0.382 retracement at $0.3357 acts as a resistance, while deeper supports lie at $0.2909 (0.5 Fibonacci) and $0.2460 (0.618 Fibonacci).

A breakout from the triangle will determine the direction of the next movement.

Additionally, RSI remains neutral, suggesting no immediate momentum bias.

Traders should monitor a break above $0.3357 for bullish confirmation or a breakdown below $0.2909 for further correction.

Key Levels To Watch 

• A symmetrical triangle suggests a potential breakout in either direction.
• Resistance at $0.3357 (0.382 Fibonacci retracement).
• Support levels to watch: $0.2909 (0.5 Fibonacci) and $0.2460 (0.618 Fibonacci).
• RSI indicates neutral momentum, and we are awaiting breakout confirmation.
• A bullish breakout could lead to an early Wave 5 initiation.