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Dogecoin (DOGE) Trends in Rising Channel, Setting Course for $0.48 or Retracement

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • DOGE has completed a corrective wave (4) and is in the process of forming wave (5) within the Elliott Wave framework.
  • The 4-hour RSI stabilizes, while the 1-hour RSI suggests reduced momentum after the recent push higher.
  • Key Fibonacci levels at $0.33 (0.382) and $0.48 (0.0) are critical support and resistance levels.

Dogecoin presents an intriguing mix of corrective and impulsive wave structures on its charts.

With a higher time frame (4 hours) showing a broad Elliott Wave progression and a lower time frame (1 hour) revealing fine-grained subwave detail, DOGE appears poised for decisive movements. 

DOGE Price Analysis

On the 4-hour chart, Dogecoin’s price structure showcases a completed wave (4) corrective sequence, which bottomed at $0.26 on Dec. 20 near the 0.618 Fibonacci retracement from the prior wave (3).

The subsequent breakout has initiated wave (5), as seen in the rising channel that began in late December.

DOGE has encountered resistance near $0.40, coinciding with the 0.236 Fibonacci retracement of the overall move from wave (2) to wave (3).

DOGE price analysis
DOGEUSD progressing in wave 5 within a rising channel | Credit: Nikola Lazic/TradingView 

The Relative Strength Index (RSI) on the 4-hour time frame hovers in neutral territory, indicating neither overbought nor oversold conditions. This suggests the possibility of continuation in either direction.

Furthermore, the broad wave count implies that DOGE may attempt higher highs above $0.48, especially if bullish momentum resumes.

However, a failure to hold the $0.35 midline of the rising channel would imply a deeper retracement toward $0.33 or even $0.28.

DOGE Price Prediction

The one-hour chart shows the unfolding wave (v) at a high of $0.43 on Jan 18. DOGE appears to have completed the sub-waves of the five-wave impulse, forming the final leg upward.

The corrective decrease found support along the channel’s lower boundary at $0.34 on Jan. 20, maintaining the broader bullish structure.

Should this support hold, we can see the continuation of the upward move to a higher high than the one in December, as the highest degree wave 5 has much more room to the upside. 

DOGE price prediction
DOGEUSD wave (v) targets $0.48 with potential extension to higher levels | Credit: Nikola Lazic/TradingView 

However, a breakdown below $0.35 would invalidate the bullish wave count, exposing DOGE to a potential drop toward $0.33 or even $0.28.

Traders should closely watch for volume confirmation and RSI behavior to validate further upward movement.

Key Levels to Watch

  • Immediate Resistance: $0.38 (0.236 Fibonacci level).
  • Secondary Resistance: $0.48 (0.0 Fibonacci retracement).
  • Key Support: $0.35 (channel midline).
  • Critical Support: $0.33 (0.382 Fibonacci retracement).
  • Short-Term Target for Wave (v): above $0.48 if bullish momentum sustains.
  • Invalidation Zone: Below $0.33, signaling bearish continuation.
Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.
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