In a video on Wednesday, the popular YouTube channel More Crypto Online offered an analysis of Dogecoin’s price structure, suggesting that the meme-inspired cryptocurrency could be on the cusp of a breakout or breakdown—provided it falls below critical support levels. The analyst’s outlook centers around Elliott Wave counts, potential consolidation patterns, and pivotal price thresholds that could define Dogecoin’s short-term trajectory.
Dogecoin Teeters On The Edge
The analyst notes that Dogecoin has shown “only sideways action over the last few days, actually last 10 days or so,” following a significant selloff. According to the channel’s host, the price dipped into a previously identified support zone and has since failed to rally above the key resistance at $0.34:
“Unfortunately, we did not break above the $0.341 level in that recovery and we haven’t yet broken above any signal line, which is a shame because it keeps the price caught in this sideways
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