Dogecoin Price Analysis: Analyst Predicts Potential Breakout or Breakdown Based on Key Support Levels

In a Wednesday video, More Crypto Online analyzed Dogecoin's price, suggesting a potential breakout or breakdown contingent on key support levels. The analysis focuses on Elliott Wave counts, consolidation patterns, and crucial price thresholds. Dogecoin has shown sideways movement for about 10 days following a selloff, failing to rally above the $0.34 resistance. The analyst suggests a possible A-B-C corrective pattern, with the C-wave potentially bottoming near $0.233 to $0.234. Maintaining above $0.22 is critical for the bullish outlook, while a drop below $0.22 or $0.204 could signal further decline. To indicate a trend reversal, Dogecoin needs to exceed $0.293 as an initial signal, with a move beyond $0.342 confirming a bullish breakout. Despite sideways market conditions, Dogecoin is holding relatively well compared to Solana. Broader market sentiment and macroeconomic factors remain influential.