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Dogecoin (DOGE) is circling a critical phase in its price structure, as recent price action suggests the formation of a potential B-wave correction following its rally from the April 7th low. Analysts are closely watching key support and resistance levels that could help understand the meme coin’s next big move. Dogecoin is currently down by more than 7% and is trading at $0.22 at the time of writing.
Dogecoin’s Recent Price Action
Since the April 7th bottom, Dogecoin has formed a clear three-wave move to the upside. While some initially speculated it could turn into a five-wave bullish structure, current price behavior leans more toward a diagonal pattern, making a completed five-wave scenario unlikely for now.
The price recently reacted to a resistance zone identified in previous analyses, confirming the market’s sensitivity to these technical levels.
Key Support and Resistance Levels to Watch
The market is now poised for a B-wave correction, with several crucial support zones in play:
- Primary Support Range: $0.15 to $0.199
- Intermediate Support Levels: $0.169 to $0.183
Analysts warn that if this pullback is indeed a B-wave, it must hold the $0.15 level to preserve the long-term bullish structure. A decisive drop below this threshold would weaken the scenario, increasing the risk of a deeper correction.
What’s Happening Next?
The recent rally into the target zone has likely completed a wave A within the larger ABC corrective pattern. A B-wave bounce could be forming soon, with traders advised to monitor resistance between $0.235 and $0.255. A clear breakout above this range would indicate stronger bullish momentum, while failure to do so may signal a setup for a final C-wave decline toward the support levels.
Analyst Outlook: Correction Now, Opportunity Later
For now, Dogecoin appears to be completing the initial leg of its B-wave correction. Once this bounce occurs, analysts expect a subsequent C-wave decline to follow, potentially offering fresh buying opportunities near support.
Unless Dogecoin decisively breaks above the Sunday high of $0.26, this corrective structure remains the base case scenario, the analyst explained.
