Is This the Bottom for Dogecoin? Analyst Predicts a Move to $0.60

Dogecoin price has been moving sideways

The price of Dogecoin has been moving sideways while Bitcoin shows signs of strength, and traders are now wondering if the popular meme coin is preparing for a major move. In a video, the YouTube channel More Crypto Online, with over 293,000 subscribers, shared an in-depth look at DOGE chart. Using Elliott Wave Theory, the analyst explained where Dogecoin might be heading next and why a path toward $0.60 is still possible if certain support levels hold up.

According to the analysis, Dogecoin is still stuck in a correction. While Bitcoin price appears to be bouncing, most altcoins, including DOGE, are just grinding through their respective downtrends. The analyst mentioned that there’s no clear sign of a confirmed low just yet. However, there’s a chance that DOGE price completed a wave four correction on April 7, which could mean a new rally is starting to form.

So far, though, any bounce has only followed a three-wave pattern. That’s typically not strong enough to confirm a full trend reversal. Right now, it’s being labeled as an “ABC” pattern, with a potential move higher still on the table if support levels continue to hold.

Can DOGE Price Push Toward $0.25 Again?

The video breaks down what’s happening now as a B-wave pullback. In simple terms, that means the price might be setting up for one more short-term push higher before a bigger move down or up. If DOGE can hold its current levels, the next target could be the $0.25 zone, a previous high that lines up with the structure of an ABC correction.

There’s also an alternative scenario that the analyst pointed out. In that version, the current A-wave might stretch a bit higher, forming what’s known as a five-wave diagonal pattern. But that’s a less likely path unless DOGE price shows stronger momentum soon.

Key Support Levels

To keep hopes of a bigger rally alive, Dogecoin needs to stay above some key support zones. The analyst pointed to $0.15 as the critical level to watch. Other notable areas include $0.169, $0.183, and $0.199, all tied to common Fibonacci retracement levels.

If the price drops below these levels, the current bullish outlook could fall apart. But if it bounces from one of them and forms a higher low, that could be a strong signal that DOGE price is ready for another leg up.

The Bigger Picture

Zooming out, the analyst sees this entire move as part of a larger wave structure. If DOGE did finish a larger wave four in April, and if the current pullback holds above support, we could see the start of a C-wave rally. That’s the wave that could eventually push the price much higher, possibly toward that long-awaited $0.60 mark.

It all depends on how DOGE price reacts in the coming days. A strong bounce, a higher low, and a break above the recent high could flip the chart bullish again. Until then, traders are watching closely to see if Dogecoin can make its next move.