Usman Salis
Dogecoin has grabbed attention as it reaches a make-or-break moment. After a solid rebound in late September, the popular meme coin is now testing support that could shape its next big move.
Wave 4 Scenario and Support Levels
Crypto analyst More Crypto Online highlights this zone as crucial for the current wave count and any potential breakout ahead.
The chart suggests DOGE might be working through a Wave 4 correction, with the $0.237–$0.25 range being the deciding factor. If this area holds up, the Elliott Wave structure points toward one final push higher in Wave 5.
Three key Fibonacci levels reinforce this support zone:
- 38.2% retracement at $0.2456
- 50% retracement at $0.2415
- 61.8% retracement at $0.2376
This cluster of technical support often serves as a launchpad for reversals when it holds.
Why This Zone Matters
The crypto market has shown strength recently, and DOGE has followed suit with its September recovery. If the September low was indeed the bottom of wave b, defending this support is essential for keeping the bullish outlook intact. A solid hold could quickly shift momentum upward, while a breakdown might send DOGE toward $0.227 or lower.
The bullish case looks healthy if DOGE stays above $0.237, potentially opening the door for a move toward $0.28–$0.30 in Wave 5. However, dropping below the 61.8% retracement would cast doubt on the rally and suggest more downside ahead. Current price action shows bearish momentum fading, hinting at possible stabilization.
Usman Salis
