Rally’s Foundation
Dogecoin has embarked on a bullish rally that’s expected to drive its price higher. This rally is supported by:
- Strong support above $0.1, preventing price crashes
- A prolonged correction period
Rally’s Timeline
The rally began in October 2023 when Dogecoin broke above $0.06. It has since experienced both uptrends and downtrends, leading to the current wave.
Invalidation Threshold
The rally will be invalidated if Dogecoin closes a daily candle below $0.08.
Wave Pattern and Targets
Dogecoin is currently in a D wave after completing the C wave. This D wave has historically triggered a 100% price increase.
- Target 1: $0.28
- Target 2: $0.38 (after retracement to $0.16)
Current Status
Dogecoin is trading above $0.16, with an 18.6% increase in the past week. It remains the 8th-largest cryptocurrency by market cap.
