Has Dogecoin (DOGE) Completed Its Correction and Poised for a Rebound?

Despite recent price corrections, some market experts believe that DOGE is significantly undervalued, presenting a strong buying opportunity.

Despite recent price drops, some experts believe Dogecoin (DOGE) is significantly undervalued, presenting a strong buying opportunity. Crypto analyst Asif.eth (@asifeth) has outlined a bullish scenario for Dogecoin, suggesting that the coin may have completed its corrective phase and could be poised for a rebound.

Has Dogecoin Completed Its Correction?

According to Asif.eth, Dogecoin’s price movement follows an Elliott Wave ABC correction pattern, a widely recognized technical analysis structure. He noted that DOGE had experienced a significant rise, followed by three corrective phases labeled A, B, and C. The final C-wave appears to have settled within a critical support range between $0.24 and $0.18, an area the analyst describes as a “huge supply turned into demand zone.”

The Dogecoin price could rebound for a bullish move from the $0.24-$0.18 support zone. Source: Asif.eth via X

“This is a very, very good place to accumulate Dogecoin,” he emphasized, citing multiple instances where DOGE has flipped this range between support and resistance.

While confident in this bullish outlook, he also set a strict cutoff level at $0.16, warning that a drop below this threshold could invalidate the bullish structure. “If in any case, you break below $0.16, you have to sell that token,” he advised, highlighting the potential risk of deeper losses should bearish sentiment persist.

Key Technical Factors Supporting a DOGE Rebound

Beyond the ABC correction pattern, the analyst pointed to additional technical indicators reinforcing the case for a Dogecoin price recovery. One such metric is the Relative Strength Index (RSI), which recently entered the oversold territory—a strong buy signal in technical analysis.

DOGE could retest the $0.31 resistance following the oversold market condition. Source: Jhonnybrah on TradingView

Furthermore, Fibonacci retracement levels show that DOGE’s current price aligns with a historically significant support zone, further strengthening the argument for a rebound. “The golden pocket perfectly aligns with our top supply zone,” he explained, adding that such confluence increases the probability of an upward move.

DOGE’s Market Position and Potential Catalysts

Dogecoin’s recent struggles are not unique to the meme coin sector. The broader crypto market has faced headwinds, with Bitcoin’s volatility influencing sentiment across altcoins. However, DOGE has managed to stabilize within the $0.25–$0.40 range, showing resilience despite the downturn.

Looking ahead, several factors could act as catalysts for Dogecoin’s price appreciation:

Elon Musk’s X Platform Integration: The potential for Dogecoin to be incorporated into the X payment system remains a hot topic. If DOGE gains real-world utility as a tipping currency or payment option, demand could skyrocket.

Meme Coin Market Growth: The meme-based crypto market is expanding, with valuations approaching $100 billion. As speculative interest returns, DOGE could see renewed inflows.

Political Influence: Former U.S. President Donald Trump’s return to the political scene has created speculation around meme coins. With reported ties to key figures in the crypto space, regulatory clarity and broader acceptance of digital assets could benefit DOGE.

Is Now the Right Time to Buy Dogecoin?

With DOGE still trading under $0.50, some investors see this as an opportune moment to accumulate. While its price is largely driven by hype and online communities, the long-term case for Dogecoin hinges on its community support and potential adoption on mainstream platforms.

Dogecoin (DOGE) was trading at around $0.25, down 4.06% in the last 24 hours at press time. Source: Brave New Coin

Still, analysts caution that DOGE’s reliance on hype and sentiment makes it inherently volatile. Those considering investment should remain aware of key support and resistance levels, particularly the $0.16 threshold that could determine future price direction.