DOGE Coin Price: Wave 3 Setup?

Dogecoin finds itself at a potentially pivotal moment. Technical indicators suggest the memecoin might be gearing up for its next significant move higher. Using Elliott Wave theory as a framework, the current chart structure hints that DOGE could be wrapping up a corrective phase and preparing to launch into what traders call Wave 3—typically the strongest and most explosive part of any rally cycle.

Wave Analysis: Tracing DOGE's Recent Journey

According to market watchers, including Cantonese Cat, looking at the weekly chart, we can spot Wave 1 as that powerful surge that pushed DOGE up to around $0.49 before running out of steam. What followed was the inevitable pullback—Wave 2—which dug deeper into the Fibonacci retracement levels than many expected.

Initially, it looked like the correction might find a floor at the 0.5 Fibonacci level around $0.15. But the selling pressure continued, eventually touching the 0.382 level near $0.12, which still fits within acceptable boundaries for a Wave 2 bottom. Since hitting that low, DOGE has been clawing its way back and recently reclaimed the 0.618 retracement level at roughly $0.20. This is worth paying attention to—historically, breaking back above this level often signals that Wave 3 is getting ready to take off.

Key Price Levels to Watch

• Immediate support: $0.20 (0.618 Fib retracement)
• Deeper support zones: $0.153 (0.5 Fib) and $0.117 (0.382 Fib)
• First major resistance: $0.246 (0.707 Fib)
• Next resistance targets: $0.294 (0.786 Fib) and $0.37 (0.886 Fib)
• Wave 3 upside projections: Fibonacci extensions point toward $0.48 initially, with more ambitious targets at $0.89–$1.23 if the rally gains serious momentum

The chart also reveals something interesting: whenever DOGE retests those key support areas, volume tends to spike noticeably on the bounces. That's a sign that buyers are consistently showing up when prices dip, which adds credibility to the bullish case.

Several factors are aligning in DOGE's favor right now. The broader crypto market has been recovering, and when Bitcoin rebounds, altcoins often follow with even bigger percentage moves. DOGE still holds its crown as the most recognized memecoin, which means it continues pulling in retail traders looking for the next big swing. And let's be honest—DOGE's low price per coin makes it psychologically attractive to speculative traders hunting for high-risk, high-reward plays in a volatile market.

When you combine solid technical patterns with favorable market conditions and sustained retail interest, you get an environment where momentum can build quickly.