- Market skeptics previously called a drop to $0.09 “impossible,” yet DOGE has hit this exact Fibonacci and Elliott Wave target, marking a 70% drawdown.
- The current price action is forming an “ending diagonal” in the final sub-wave of Wave C, a technical formation that typically precedes a violent bullish reversal.
- If the $0.088–$0.095 support zone holds, Elliott Wave theory projects a powerful Wave 5 impulse that could retest or surpass the 2021 all-time highs.
The ever-volatile world of cryptocurrencies, Dogecoin (DOGE) continues to capture attention with its meme-inspired roots and massive community. Recent technical analysis from prominent Elliott Wave trader HovWaves suggests that DOGE may be approaching a critical turning point, potentially setting the stage for a significant rally.
HovWaves, known for high-probability setups, recently shared a weekly chart on X (formerly Twitter) highlighting DOGE’s price action from 2021 to projected 2027 levels. The analysis points to a macro correction unfolding in a complex wave structure. Notably, the trader recalls being told that a drop to $0.09 was “impossible,” yet DOGE not only reached that level but has since experienced over 70% drawdown from earlier peaks, underscoring the market’s unpredictability.
Ending Diagonals: Decoding the Signal for Trend Exhaustion
The chart illustrates a potential ending diagonal for wave C of a larger wave C, a pattern often signaling the exhaustion of a downtrend. Labeled with sub-waves (i) through (v), the diagram shows current price action testing a crucial macro support zone around $0.088-$0.095. DOGE trades at approximately $0.095 USD, per CoinMarketCap data, following a brief dip to $0.088 on February 6. This support is depicted as a broad cyan band on the chart, intersecting with descending red trendlines from previous highs.
Elliott Wave theory posits that markets move in repetitive cycles of five impulsive waves followed by three corrective ones. In DOGE’s case, the ongoing correction could be completing a multi-year triangle or flat pattern, with the recent choppy action aligning with a fourth-wave triangle as discussed in HovWaves’ October 2025 update. If the low holds, the next phase might initiate a powerful wave 5 upward, targeting levels like $0.30, $0.70, or even surpassing the 2021 all-time high of $0.7376 in an extended bull run.
Bullish Targets: From Short-Term Relief to a $0.70 Extended Run
This analysis comes amid broader crypto market dynamics, where meme coins like DOGE thrive on social sentiment and adoption. With integrations in payments, NFTs, and Web3 ecosystems—bolstered by endorsements from figures like Elon Musk—DOGE’s utility extends beyond jokes. However, risks remain: a break below macro support could invalidate the bullish setup, leading to further downside toward $0.05 or lower.
Investors should monitor key resistance at $0.10 and $0.12 for confirmation of a reversal. While past performance isn’t indicative of future results, HovWaves’ track record adds credibility. As the crypto space evolves, DOGE’s resilience could make it a standout in the next bull cycle, blending fun with financial potential.
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.
