Dogecoin is trying to hold the 10 cent level as buyers step in after short term drops. However, a larger Elliott Wave setup still points to downside risk if DOGE breaks below its prior low and heads toward the $0.02 to $0.03 zone.
Dogecoin Price Reclaims 10 Cents as Analyst Points to Accumulation Setup
Dogecoin moved back above the $0.10 level after a short term drop below it, according to a chart shared by KrissPax on X.
The analyst said DOGE is moving through an accumulation period, with price getting pushed below key levels before buyers step in near lower prices.
Dogecoin 30 Minute Chart. Source: KrissPax on X
The chart shows DOGE trading around the $0.10 level after several moves above and below that price area. A yellow dotted line marks $0.1000, making it the main level on the chart.
DOGE first dropped below 10 cents on May 23 before bouncing sharply back above the level. The chart marks that earlier rebound with a white arrow, showing how buyers reacted after the selloff.
A similar move appears again on May 29. DOGE fell below the 10 cent area, formed a short term low near the lower range, and then moved back above the yellow line.
KrissPax said this is how Dogecoin accumulation works. According to the analyst, price gets suppressed, leveraged long traders are forced out, and buyers return at lower levels.
The latest rebound pushed DOGE back toward the $0.1006 area on the chart. That move puts the 10 cent level back in focus as a short term support and resistance zone.
If DOGE holds above $0.10, the chart could support another recovery attempt toward the recent range highs near $0.1015 and $0.1020.
However, a move back below 10 cents would weaken the short term bounce. In that case, DOGE could retest the lower area near $0.0980, where buyers appeared earlier.
Dogecoin Chart Points to Wave C Risk as DOGE Analyst Eyes $0.02 to $0.03 Zone
Dogecoin may still be inside a long corrective structure after its 2020 to 2021 impulse rally, according to a chart shared by Alex on X.
The analyst said DOGE appears to have completed a five wave Elliott impulse during the 2020 to 2021 cycle. He added that the current structure may now be forming the final Wave C of a larger A-B-C correction.
Dogecoin Elliott Wave Chart. Source: Alex on X
The chart shows DOGE’s sharp 2021 rally marked as a completed five wave move. After that peak, the price entered a long corrective phase, with the first major decline marked as Wave A.
DOGE later formed a large rebound, which the analyst marked as Wave B. The latest price action is shown as a possible Wave C, which could extend lower before a long term bottom forms.
Alex said the key point is that DOGE has not yet broken the Wave A low. In his view, a final Wave C often takes out the previous low, especially in volatile assets such as Dogecoin.
The chart also highlights the 0.618 Fibonacci retracement of the full 2020 to 2021 bull market. That zone sits around $0.02 to $0.03 and is marked as the analyst’s main downside target.
If DOGE continues lower and reaches that area, the chart suggests it could become a final capitulation zone before a longer base forms for the next market cycle.
However, the setup still depends on confirmation. DOGE would need to break below the Wave A low and continue toward the Fibonacci zone before the full bearish scenario plays out.
For now, the chart shows Dogecoin still inside a larger corrective structure. The main risk is whether the current Wave C continues lower or DOGE invalidates the downside setup by holding above its prior low.