Dogecoin Downward Wave Nears End—Is The Market Preparing For A Fresh Reversal?

Dogecoin’s recent decline may be nearing exhaustion as the price edges toward a crucial support ￰0￱ the downward wave showing signs of completion, market watchers are now eyeing a potential shift in momentum that could spark the next bullish ￰1￱ Channel Near Completion: One Key Level Left To Break After examining the Dogecoin (DOGE) 30-minute chart, the Elliott Waves Academy updated its outlook to confirm a period of strong selling ￰2￱ analysis clearly indicates that the DOGE/USD pair is nearing the completion of a defined price channel pattern, with only one key level remaining before the next major wave is ￰3￱ Reading: Bullish Window For Dogecoin Opens in November, Analyst Says Specifically, the downward leg represents Wave (5) of Wave 3 within a larger bearish ￰4￱ to Elliott Waves Academy, the bearish outlook is heavily supported by the preceding structure, which involves a confirmed and strong downward wave representing Wave (3), demonstrating robust and sustained momentum from the sellers.

A continuation of the bearish outlook is structurally reinforced by the presence of the price channel pattern ￰5￱ to confirming the final downward wave hinges on the price breaking the key support level of the current minor ￰6￱ Waves Academy emphasized that successfully breaking this critical key level will provide undeniable confirmation of the bearish view and set a precise trajectory for the completion of the ￰7￱ Waves Academy targets the $0.1843646$ level as the expected floor for this ￰8￱ objective is anticipated to be the point at which the internal wave structure is complete and the current bout of selling pressure is exhausted. Finally, Elliott Waves Academy noted that a crucial follow-up action: after reaching the $0.1843646$ level, a corrective upward main wave is predicted to ￰9￱ implies that anticipated downside is part of a structural cycle and should be followed by a noticeable relief ￰10￱ Builds Quietly Beneath The Surface According to EᴛʜᴇʀNᴀꜱʏᴏɴᴀL, Dogecoin continues to follow the same structural rhythm observed in previous market ￰11￱ price action is unfolding in a familiar pattern, suggesting that the asset may be preparing for another significant move once conditions ￰12￱ Reading: Volatility Loading: Dogecoin Eyes Explosive Path To $3 In his post, EᴛʜᴇʀNᴀꜱʏᴏɴᴀL revealed that momentum is quietly building above key support levels, signaling underlying strength in the market despite the recent ￰13￱ structure remains technically sound, indicating that buyers are gradually regaining ￰14￱ concluded by emphasizing that patience is key before the next ignition phase, as Dogecoin consolidates and gathers ￰15￱ current setup suggests a potential upside once a breakout confirms renewed bullish ￰16￱ image from iStock, chart from ￰17￱