Peter Smith
Dogecoin just pulled back from its recent highs, but don't mistake this for weakness. The meme coin is sitting pretty at crucial Fibonacci support levels, and the technical picture suggests this correction might be exactly what DOGE needed before its next big move. Smart money is watching these levels closely.
What the Charts Are Saying
Analyst Freedom By 40 thinks DOGE's correction could already be done, though we might see one more small dip before things really get moving. The key support zone everyone's watching sits between $0.2396 and $0.2237 - that's where the Fibonacci retracements line up perfectly. So far, DOGE has respected these levels like clockwork, consolidating in what traders are calling the "green box" - prime territory for loading up before the next leg higher.
The Elliott Wave structure is telling an interesting story too. We're likely working through the final stages of a corrective phase, which typically sets up for a massive wave 3 advance. If this count plays out correctly, we could see DOGE push toward $0.38 initially, with potential to hit $0.48 in the coming weeks.
The Bottom Line
Key levels to watch:
- Support holding at $0.2396 and $0.2237
- First resistance around $0.30
- Breakout targets between $0.38-$0.48
As long as DOGE stays above $0.20, the bullish structure stays intact and a major reversal looks likely. Dogecoin's famous volatility tends to shake out the weak hands, but for those with patience, corrections like this often present the best entry opportunities. With accumulation likely wrapping up in this zone, DOGE might be loading up for its next significant run.
Peter Smith
