Dogecoin Price Prediction: Sharp Drop Imminent?

According to independent chartist Quantum Ascent, Dogecoin (DOGE) is currently undergoing a corrective cascade that could send its price plummeting to the high-teen-cent zone. His analysis, based on Elliott Wave theory, suggests DOGE's recent surge was the fifth sub-wave of a larger first-wave advance, and the current retracement (ABC wave) is far from over. Quantum Ascent identifies a “danger zone” between the 0.618 and 0.786 Fibonacci retracements, where a break below 21 cents could trigger a drop to 20.5 cents. He projects a deeper correction to the 17-19.5 cent range as statistically likely, representing a significant drop from its recent peak. While the analyst observes similarities to a Wyckoff re-accumulation structure, suggesting a potential future bullish reversal, this positive outcome is likely weeks away. The current correction is part of a larger “macro two” wave, with the subsequent “macro three” wave expected to be substantially more significant. The overall outlook is tempered by Bitcoin's own corrective phase, suggesting altcoins, including DOGE, will likely experience a period of consolidation. The analysis emphasizes that Elliott Wave theory is interpretative, not predictive, and traders should manage risk accordingly. Despite its eighth-largest market capitalization in crypto, DOGE's high volatility means that small price changes can translate into large percentage swings. Currently trading at $0.228, Dogecoin's future price movement remains uncertain, dependent on various market factors and the unfolding of predicted wave patterns.

(Source: https://www.newsbtc.com/news/dogecoin/dogecoin-danger-zone-sharp-drop-ahead/)