Dogecoin May Fall to $0.10 in Elliott Wave Correction
A technical analysis warns that Dogecoin (DOGE) could be in an extended Elliott Wave corrective phase since its May 2021 peak. The analyst outlines a worst-case scenario for Dogecoin: if current support at $0.15–$0.17 fails, DOGE may drop to the 0.618–0.786 Fibonacci retracement zone, testing single-digit cents near $0.10. Alternatively, the pattern may form a leading diagonal indicating a reversal signal once the correction completes. A drop below $0.10 would mark the end of wave 4 but not necessarily negate the long-term bullish outlook. Holding above $0.16 could trigger a rally to $0.50, while a close above that level would invalidate the extended consolidation view. DOGE trades at $0.1774, down 1.9% over 24 hours, reflecting Dogecoin’s ongoing consolidation.
Bearish
The analyst’s projection of a deeper correction for Dogecoin to test 0.618–0.786 Fibonacci levels points to bearish sentiment. Historically, similar extended wave-4 consolidations—as seen in mid-2021—led to significant price declines before resuming uptrends. If DOGE breaks the $0.15 support and falls toward $0.10, short-term trading could see increased selling pressure and volatility. However, a retest of these lows might attract bargain hunters, setting the stage for a medium-term rebound once the corrective phase completes. Traders should monitor support at $0.16; holding above it could limit downside and restore bullish confidence, while a close above $0.50 would invalidate the bearish scenario.