Dogecoin (DOGE) is trading near a key level that may determine whether its recent downtrend will bottom out or extend into a deeper weakness phase.
📊 Key Technical Level: $0.128 support
$0.128 is the key support level determining Dogecoin's short-term direction. Currently, the DOGE price is hovering above this support area.
Bullish Scenario: If it can successfully hold and stabilize above $0.128, it may attract investors seeking to go long and is likely to initiate a rebound towards $0.135.
Key Signal: Analysts emphasize that before considering a long strategy, the price must first confirm its hold on this support level.
📈 Long-term perspective: Potential 'surge' third wave on the weekly level
Current stage: Dogecoin may be undergoing a correction period of about 13 months, which can be seen as the 'second wave' pullback in Elliott Wave Theory.
Future outlook: If this round of correction ends, historical patterns suggest that a explosive 'third wave' rise may follow, with prices likely to hit new highs.
Market sentiment: The general skepticism currently prevalent (stemming from DOGE being in a downturn for most of this year) may be one of the reasons why this long-term bullish strategy still has potential.
🔍 Market current status summary
In summary, Dogecoin is at a critical juncture:
Short-term: Close attention needs to be paid to the critical technical support at $0.128. Holding above it may reverse the downtrend, while losing it may lead to further declines.
Long-term: After a prolonged market structure correction, there is a possibility of forming a significant bottom and laying the foundation for substantial future increases.
