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Dogecoin Price: Analyst Drops Comprehensive Technical Analysis, What You Should Know
Dogecoin’s price movements have been the subject of much speculation in the past few months by various crypto analysts, with many of the analyses based on its pattern repetition in market cycles. A recent analysis posted on the TradingView platform delves deeply into Dogecoin’s technical outlook with indicators such as Fibonacci levels, Elliott Wave Theory, and the Wyckoff Method to forecast both downside and upside price targets for the cryptocurrency.
Macro Analysis: Elliott Waves And Fibonacci Levels Show Liquidity Zones
According to the analyst, Dogecoin’s price has been following a clear Elliott Wave structure starting from its bear market low of $0.045 in 2022 until its recent multi-year peak of $0.48 in December 2024. Interestingly, this projection suggests that the five impulse waves have already been completed, and the next stage is the formation of the ABC corrective waves. Waves A and B have already played out, leaving wave C to complete the structure and create the last corrective wave in the pattern.
With this correction in mind, the analyst used Fibonacci levels for additional insights into how it plays out. Using a trend-based Fibonacci retracement, the analyst predicted that Dogecoin could retrace to $0.213 as the price mark aligns well with the 0.382 Fib retracement level from its recent peak in December.
Similarly, the 0.618 Fibonacci retracement level, calculated from the wave 4 low to the wave 5 peak, suggests a target of $0.235. A green box zone between these two levels is highlighted as the likely liquidity zone before the next bullish leg.
The correction, if it happens, doesn’t necessarily spell doom for Dogecoin. This is because the meme coin has consistently revisited the 0.382 level during past market cycles before surpassing its all-time highs. Therefore, a repeat of this behavior could set the stage for another Dogecoin price rally over a longer timeframe that will eventually break above $0.73 and set a new all-time high.
Zooming In: Wyckoff Phases And Short-Term Prediction
When analyzing the current price action, the analyst identifies Wyckoff Distribution Schematic #2 as the prevailing pattern for Dogecoin. This method separates market movements into phases (A to E) to predict price behavior. According to the analysis, Dogecoin is transitioning through these phases and is expected to enter phase E by January 23, 2025.
Further examination of the 4-hour chart reveals an ABC corrective pattern, with wave C anticipated to mirror the magnitude of wave A’s decline. The analyst calculates this drop as aligning perfectly with the 0.382 Fibonacci target at $0.213. Using additional Fibonacci retracements and extensions, short-term support and resistance zones have been identified, further reinforcing the $0.213 to $0.235 liquidity zone. With this, the analyst predicted a Dogecoin price bottom between January 30 and February 3, 2025, before it transitions toward a bullish trend.
Looking ahead, the analyst suggests that Dogecoin is building momentum for a significant upward movement once it completes its correction. Notably, the analyst predicted that Dogecoin will rebound and reach $1.9 once the correction is completed.
At the time of writing, Dogecoin is trading at $0.3577.
Featured image from Adobe Stock, chart from Tradingview.com
Crypto prices today (March 1) have reignited a bullish market sentiment among traders and investors globally, illustrating signs of recovery. Bitcoin (BTC) price gained nearly 8% in the past 24 hours. Whereas, Ethereum (ETH), XRP, and Solana (SOL) prices were up by 5%-16%, underscoring a major bounceback from previous dips. Simultaneously, meme coin prices were also trading in the green zone, with TRUMP leading the broader market gains.
Mentioned below are some of the most trending coins for the day and a brief report on their price movements.
Crypto Prices Today: BTC & Altcoins Show Signs Of Recovery
The crypto market gained nearly 5% in the past 24 hours, closing the week with a market cap of $2.82 trillion. Further, even the total market volume witnessed a 12% uptick to $158.76 billion.
BTC price ends the week near the $85K level, sparking some hope despite the recent market bloodbath. Simultaneously, ETH managed to regain a break above $2,200.
BTC Price Regains $85K
At the time of reporting, BTC price gained nearly 8% intraday and exchanged hands at $85,351. The flagship coin hit a bottom and a peak of $78,248.92 and $85,608.40 in the past 24 hours. Notably, the rising price action comes despite rising PCE Price Index for January, per a recent CoinGape report. Also, BTC futures OI jumped 2% in the past 24 hours to $51.13 billion, per Coinglass data. The flagship coin appears to be witnessing renewed market interest as the week closes.
ETH Price Jumps 6%
ETH price witnessed an uptick of slightly over 6% over the past day, closing in at $2,264. The coin hit a 24-hour low and peak of $2,076.17 and $2,273.02, respectively. Ethereum rises alongside a 4% surge in its futures OI to $19.90 billion. The latest update surrounding the crypto remains that the U.S. SEC has delayed its decision on Fidelity‘s spot Ethereum ETF options.
XRP Price Surges 9%
XRP price pumped 9% in the past 24 hours, exchanging hands at $2.19. The coin hit an intraday low and peak of $1.96 and $2.21, respectively. XRP futures OI saw an 8% increase to $3.05 billion in the past 24 hours, underscoring rising market interest.
SOL Price Soars Over 15%
SOL price sky-shot by over 15% intraday and exchanged hands at $146.41. The coin hit an intraday bottom and peak of $125.74 and $150.79 over the past 24 hours. Solana’s price rose alongside a 15% surge in its futures OI to $4.65 billion, per Coinglass data.
Meme Crypto Prices Today
Simultaneously, the meme coin sector has mirrored an uptrend that is in sync with the broader market trend. Dogecoin (DOGE) price saw a 10% increase in value to $0.2075. Similarly, Shiba Inu (SHIB) price rose over 5% to $0.00001406. Even Pepe Coin (PEPE) price sky shot over 6% today, closing in at $0.000007934.
Top Gainer Crypto Prices Today
Official Trump (TRUMP)
Price: $14.02
24-hour Gains: =23%
Celestia (TIA)
Price: $4.17
24-hour Gains: +20%
Hedera (HBAR)
Price: $0.2253
24-hour Gains: +19%
Top Loser Crypto Prices Today
Nexo (NEXO)
Price: $1.12
24-hour Loss: -3%
KuCoin Token (KCS)
Price: $11.49
24-hour Loss: -1%
PAX Gold (PAXG)
Price: $2,859
24-hour Loss: 0.5%
Overall, traders and investors reflect considerable optimism in light of the crypto market’s recent recovery-like trend, anticipating potential gains ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana price experienced a sharp decline, reaching a multi-month low of $126.15. This represented a 57% drop from its highest value this year. However, the cryptocurrency rebounded to $145 following a major purchase by SOL whales.
Solana Price Stabilizes After Crash – Is a Rally to $180 Possible?
Solana price saw a major decline, falling from its yearly peak of $295 to $126.15. This drop marked its lowest level since September 6. The decline also led to a breakdown below the $170 support level.
Meanwhile, a Solana whale purchased $14 million worth of SOL, withdrawing it from Binance and staking the tokens. The accumulation occurred before a $1.75 billion token unlock, a typically bearish event. The purchase helped ease sell pressure and contributed to the slight SOL price recovery.
Despite the rebound, Solana price remains below key resistance levels. If the bullish momentum continues, traders target the $170 level as a short-term target. A breakout beyond this level could push SOL toward the $180 mark.
Meanwhile, according to a recent report, CME Group announced plans to introduce Solana (SOL) futures on March 17, subject to regulatory approval. This move positions Solana alongside Bitcoin and Ethereum as one of the few cryptocurrencies with futures trading on the platform. Market analysts suggest that the launch could strengthen the case for a potential Solana ETF in the future.
Solana’s Total Value Locked Declines by Nearly 50%
Solana’s total value locked (TVL) has dropped significantly in recent weeks. The TVL, which peaked at $12.19 billion, has now declined to $6.94 billion. The drop reflects lower investor confidence and reduced capital inflow into Solana-based decentralized finance (DeFi) projects.
The decline in TVL has been linked to the crash of top Solana-based meme coins. The market cap of Solana meme coins fell from $25 billion in January to $8.9 billion. This shift in capital has negatively affected the Solana network’s liquidity and overall market position.
While TVL remains under pressure, some Solana-based meme coins have started to recover. The overall DeFi activity on the network will be a key factor in determining the future movement of Solana price.
Key Resistance Levels to Watch
Solana price is approaching a critical resistance zone between $147.09 and $166.42. This area represents a fair value gap in the market. If SOL breaks above this range, it could signal a stronger recovery toward the $180 resistance level.
Supporting the bullish move by SOL whales, technical indicators suggest increasing momentum in favor of buyers. The Parabolic SAR (Stop and Reverse) indicator, displayed as dots above and below the price action, has shifted below the recent candles. This shift indicates a potential reversal from the previous downtrend. As long as the dots remain below the price, it suggests that buyers are in control, and the uptrend may persist.
Similarly, the Moving Average Convergence Divergence (MACD) indicator and its histogram reinforce this bullish outlook by SOL whales. The MACD line has crossed above the signal line, which is a classic bullish crossover indicating strengthening upward momentum.
Additionally, the histogram bars have turned positive and are expanding, confirming buying pressure. If the momentum sustains, Solana price might break key resistance levels toward $180.
More so, according to analysis, SOL price has shown signs of stabilization after crashing 40% and reaching extremely oversold levels. Historically, such deep RSI drops have often preceded price reversals, hinting that Solana price could regain upward momentum.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst DOGECAPITAL has predicted that the Dogecoin price can hit $10 in this market cycle. The analyst drew similarities between the DOGE’s current price action and that of the previous bull cycles to explain why the meme coin can reach this price target.
Why The Dogecoin Price Could Hit $10 In This Cycle
In an X post, DOGECAPITAL predicted that the Dogecoin price could hit $10 in this cycle and alluded to previous cycles as to why he is confident that DOGE can reach this price level. He remarked that the weekly Dogecoin chart highlights the price action of the previous two cycles.
As part of his analysis of this weekly chart, he noted that every fourth year, the top meme coin retests the same line (which he highlighted on his accompanying chart) before beginning the second phase of its parabolic move.
The Dogecoin price also looks to be performing better than previous bull cycles. The analyst mentioned that in 2024, DOGE had its best third-year performance, increasing 3.5 times in price, compared to 1.5 times in 2016 and 2.5 times in 2020.
DOGECAPITAL added that this explains why the current pullback for the Dogecoin price appears larger than the previous two cycles. However, based on history, the analyst opined that DOGE will hold around this line on the weekly timeframe, which is approximately $0.20.
Once this consolidation period is complete, the crypto analyst stated that Dogecoin is expected to move towards $1.70. This move will mirror previous cycles in which the meme coin hit the same parallel resistance level. DOGECAPITAL remarked that the second parabolic upward phase is likely to begin in the coming weeks.
DOGE’s Rally To $1 Could Happen Soon
Crypto analyst Trader Tardigrade also suggested that the Dogecoin price rally to $1 could happen soon. He noted that DOGE’s Relative Strength Index (RSI) has hit a critical level, potentially driving a massive rally. The analyst added that the next target of $1 remains unchanged.
In another X post, he revealed that Dogecoin was repeating a bullish historical pattern. In line with this, he assured market participants there is no reason to be bearish at this level. Instead, he advised them to focus on the big picture for the DOGE price.
DOGE whales look to be anticipating this Dogecoin price rally and are already accumulating more coins. Crypto analyst Ali Martinez revealed that these whales have bought 530 million DOGE in 72 hours.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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