Dogecoin is showing renewed signs of weakness as its BTC pair breaks down sharply, pulling the price structure into bearish territory. with batch With key support levels fading and falling, attention now turns to confirmation on the USDT pair.
BTC pair collapse triggers bearish bias for Dogecoin
Latest encryption software analysis It highlights a major breakdown as the DOGE/BTC pair hit a 68-day low, breaching critical support. While the overall trend is strongly bearish, the USDT pair is still needed to trigger a broad sell-off.
Bitcoin pair continues to show weakness; A drop below 1.57% would mark a new 180-day low. Although the USDT pattern remains technically sound at the moment, the underlying fragility is evident. market Participants are waiting for a confirmed breakout of the current range to initiate short trades, with primary targets set at the $0.07 area.
On-chain data recently showed that a whale transferred 327 million Dogecoin from Robinhood, triggering a short 1% bounce to $0.092. Despite this domestic strength, momentum indicators are faltering across the board. Without a major catalyst, such as Elon Musk’s renewed initiative or government-related initiative, the technical collapse of the BTC pair is expected to lead the way.
Cooling of previous noise cycles indicates that the trajectory is lower resistance decreased. Once the USDT support is officially broken, the path will likely be clear for a move towards the 7 cent range.
Elliott Wave Theory paints the bigger picture
In the latest Dogecoin macro to updateCG Trades pointed to a massive rally in 2024, with Dogecoin surging nearly 500% from its lows, resulting in a 6x move overall and around 5x gains from the specific weekly. Go entrance. The move represents one of the strongest performances in the altcoin space during the cycle.
However, since December 2024, the momentum has reversed sharply. Dogecoin came under pressure, falling along with the broader range Alternative currency The market, in line with previous warnings of a cooling phase after the euphoric period.
Examining the broader picture through Elliott Wave Theory, the structure indicates that a long-term cycle is unfolding. Wave 1 is expected to complete around the altcoin peak in January 2018, followed by Wave 2 in March 2020 after a retest of the long-term trend line. Wave 3 peaked in May 2021, with the market currently completing wave 4 in June 2022 or still finishing near the $0.061349 key. Support area.
From this perspective, the expected wave 5 could lead to a significant expansion, with an expected target around $1.41, representing a potential move of 15 times from current levels, or up to 23 times if the price revisits the $0.061349 area before the rally. However, a monthly close below this level would invalidate the overall bullish outlook and indicate a deeper structural shift.
