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In a spectacular reversal, Dogecoin (Doge) dropped by about $ 0.34 as low as $ 0.20, destroying almost 40% of its value before finding provisional stability almost $ 0.25 at the time of press. However, the crypto analyst “Coosh” Alemzadeh (@alemzadehc) maintains a long -term upward perspective, sharing a weekly graph of Doge / Usd and pointing out, “Doge: looks really good here”, despite the recent upheaval.
Why Dogecoin is always optimistic
The unexpected news of new prices by the Trump administration on the main business partners such as China, Mexico and Canada has sent shock waves on the financial markets, including cryptocurrencies. The news has led to a large sale in risk assets, with Dogecoin, known for its high volatility, being particularly affected. The fear of an escalation of the trade war has reduced the confidence of investors, pushing a lot to liquidate their positions in cryptocurrencies.
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After the pricing announcement, Dogecoin saw an immediate and significant drop, within hours of the shortage of the news. During the weekend, the crash of the cryptography market extended within the framework of a larger reaction on the market, where the main altcoins like XRP and Cardano have also undergone two-digit percentage losses. The entire cryptography market suffered more than $ 2.2 billion in cryptographic liquidations.
Alemzadeh’s graph, taken from the weekly time, shows the Doge price which initially exceeds a red tendency line in October. This line acted as a key resistance area which dates back to the previous local peaks, and the retirement that followed again brought the market just below the trend line.
In parallel, Dogecoin is still positioned above its 30-week mobile average (30 W), which is traced in the form of a pink-worn curve and is currently around $ 0.20 to $ 0.22. Analysts often consider weekly closures above this average as a sign of underlying force, which suggests that Doge could still keep its bull structure if the market stabilizes above this threshold.
The graph also highlights a series of levels of Fibonacci and extension trace levels, each offering an overview of potential support and resistance. At the avant-garde is Fibonacci’s retracement of 0.618 around $ 0.2667, a critical region that the price now oscillates. This level often attracts the attention of merchants who seek to identify if the market is in a standard decline or has started a deeper correction.
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The next step is the retracement of 0.786 almost $ 0.3467. Beyond that, the complete retrace around $ 0.4843 marks a more distant lens if Doge recovers its bullish momentum. Even higher extensions, indicated on the Alemzadeh graph to $ 1.27 (1.618) and $ 2.30 (2.0), serve as hypothetical targets if the token reaches a major escape.
An additional element is the labeling of the Elliott wave, describing what seems to be waves “1, 2, 3”, followed by the current drop marked as a “4” wave almost $ 0.26. In the traditional theory of the Elliott wave, the four wave generally retraces in the area of 0.236–0.618 of the previous wave, so that the current price action affecting the fibonacci point of 0.618 corresponds well to this model . If Doge confirms the support of the wave of waves, the next phase – five years – could bring the market over the old summits, the main objectives being $ 1.27 and $ 2.30 if the feeling Haussier returns.
At the time of the press, DOGE exchanged $ 0.25.
Star image created with dall.e, tradingView.com graphic
