- DOGE tests upper micro support zone, eyeing a potential wave C bounce.
- $0.254 is the critical pivot; a break below signals bearish wave B.
- Fibonacci levels guide resistance at $0.3109 and support at $0.2097.
Dogecoin Tests Critical Upper Micro Support
Dogecoin (DOGE) is at a critical juncture, with its price testing the upper micro support zone, according to a recent analysis by More Crypto Online. The chart, shared on X, highlights a potential bounce that could signal the start of wave C of (5) in the yellow Elliott Wave scenario. This bullish outlook hinges on the price holding above the $0.254 level. However, a drop below this threshold might indicate that wave B is already underway, shifting the momentum toward a bearish trend.
Key Fibonacci Zones Define Support and Resistance
The chart, based on Binance’s 1-hour DOGE/USD timeframe, marks several key levels. The upper micro support zone, around $0.2664 to $0.2839, is where the price currently hovers, showing a 38.20% to 58.00% Fibonacci retracement.
A successful bounce here could push DOGE toward higher resistance levels, such as $0.3109 or even $0.3340, aligning with the 138.00% and 161.80% Fibonacci extensions. Conversely, a break below $0.254 would activate the 50.00% retracement at $0.2547, potentially dragging the price down to the 78.60% level at $0.2097.
Market Cues to Shape DOGE’s Next Trend
Traders are closely monitoring these levels, with community reactions on X ranging from cautious optimism to speculative humor. The analysis underscores the volatility inherent in meme coins like DOGE, where technical patterns and market sentiment often drive short-term movements. For now, the $0.254 pivot point remains the battleground for bulls and bears.
As the crypto market evolves, Dogecoin’s next move could set the tone for its broader trend. Investors are advised to watch volume and broader market cues, given DOGE’s sensitivity to social media and whale activity. Whether it’s a rally or a retreat, this moment could define DOGE’s trajectory in the coming weeks.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.