Dogecoin (DOGE) has been caught in the grips of a broader crypto market correction, with its price experiencing fluctuations in line with the market’s consolidation trend. Market analyst Behdark recently shared insights on Dogecoin’s price action, highlighting a key ABC correction phase that the coin is currently undergoing.
Wave B: Short-Term Bullish Momentum
Behdark’s analysis reveals that Dogecoin’s price topped out at $0.41 on December 11, 2024, before entering an ABC correction. Currently, DOGE is in the midst of Wave B, which is forming as a diametric pattern. This wave, Behdark suggests, could lead to a brief bullish rally in the short term. The analyst points to a resistance level around $0.40, marking a key point for Wave B’s conclusion, which could come by the end of January 2025.
However, the optimism is tempered with caution, as Behdark forecasts a bearish Wave C to follow the short-term rally. This wave is expected to drive Dogecoin’s price down to the “yellow zone,” a critical support area between $0.24 and $0.27. According to Behdark, this region holds significant liquidity, which could act as a foundation for potential recovery once the correction concludes.
Long-Term Bullish Outlook Amidst Correction
Despite the near-term pullback, Behdark remains optimistic about Dogecoin’s longer-term trajectory. The analyst points out that Dogecoin is in the midst of a multi-year bullish phase, currently undergoing a correction within a broader symmetrical pattern. He expects Wave F, a volatile bearish phase, to follow but suggests that it will eventually lead to a price range between $0.15 and $0.20.
As DOGE continues to consolidate, market watchers are keenly monitoring key support levels. Analyst Moein Haddadian notes that Dogecoin is forming an ascending triangle, indicating potential bullish momentum if the $0.2393 support holds. With DOGE currently trading at $0.3491, attention remains on the defense of critical support levels, particularly the $0.24 mark, as the correction unfolds.
In conclusion, while Dogecoin faces near-term challenges, including a probable pullback, the outlook remains promising for a significant recovery once the correction runs its course.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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