The structure of Dogecoin The weekly chart is likely to set the Elliott Wave “third, according to the trader and The Market Commentary Cantonese Cat (@cantoweow), who opposed the Fribonacci Level and could make a reversal of heavy price action.
Dogecoin is set to takeff as wave 3 kicks in
Sharing the weekly chart, the analyst wrote: “First I think Dog Wave 2 was restored to 0.5
The chart posted by Cantonese Cat uses the Fibonacci grid in 2022 December 2024 Advance (“wave 1” in the graphic), with the recovery of intermediate images), with the recovery of intermediate levels) and 0.382 (~ $ 0.11729).
On the left, the weekly candles concerning the previous Doge cycle are followed by the fundamental period around ~$0.05-$0.10
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Elliott wave analysis suggests that the markets are trending in a five-wave cycle where the third wave tends to be stronger in width and breadth. Within that framework, the “wave 2” purcback usually crosses the band of 0.382-0.618 of wave 1, while the progress of the restoration of the level of 0.618 in the upper tivots is often treated by experts as a constructive way back.
The Cat Cat Cat chart shares the labels of the recent decline as “wave 2,” with Wick 2, investigating the 0.382 band and the following week’s closing lows towards the 0.618 level. The current weekly candle prepared in the image sits almost exactly on that 0.618 line, indicating that the market is testing whether buyers can turn support.
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Analyst emphasis on 0
Doge prices
The chart also visualizes the topside waypoints should extend. The Fibonacci retracement was drawn above the “Wave 1” Peak showing a 1.0 band in the expansion of 0,414 (~$0.83 (~$1.618 (~~$1.618) (~~$1.618 (~~$1.618 (~~$1.618 (~~$1.618 (~~$) 1.618 (~ ~ $ 1.618 (~) Elliott staff often monitor these areas for target acceleration or distribution risk when a third gate appears.
At the moment, the performance claim is straightforward and visible on the chart: “Now it returns to 0.618 and wave 3 can begin,” with a reminder that “wave 3 is the sharpest and strongest of all.” Even if the price can hold above the Pivot ~
At press time, Doge was traded at $0.20.
The featured image is made with DALL.E, a chart from ChattingView.com
