As Dogecoin remains in a period of consolidation, analysts are closely monitoring its price movements for indications of a significant breakout. Recent Elliott Wave analysis suggests that the meme coin may be on the verge of a major upward shift, potentially marking the final phase of its Wave 5 expansion. The source notes that this could lead to increased investor interest and trading volume.
Dogecoin's Current Position
According to Crypto Patel's analysis, Dogecoin has successfully completed its Waves 1 through 4 and is currently positioned within a descending channel. This channel is seen as a potential foundation for a robust Wave 5, reminiscent of the pattern observed before Dogecoin's explosive rise in 2021.
Market Analysis and Price Targets
At present, DOGE is trading above a demand zone that has historically proven resilient against price breakdowns. Analysts believe that a confirmed breakout above this channel could trigger the beginning of the Wave 5 impulse with price targets potentially soaring as high as $0.04. Investors and traders alike are keeping a close eye on these developments as they could signal a significant shift in Dogecoin's market trajectory.
In contrast to Dogecoin's current consolidation phase, the PI token has recently experienced a brief recovery, with a notable price increase. For more details, see the full article here.
