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Following
DOGE Dogecoin prices hold on to the demand area for high time frames, and the fifth wave goal is gradually constructed.
On August 12, the price of Dogecoin traded around US$0.07197, rising slightly by 0.18% that day. DOGE continues to consolidate near demand areas identified by analyst Crypto Patel for high time frames. The analyst believes the current correction is the fourth wave in the larger Elliot wave structure. Dogecoin is currently near critical levels that may determine the next direction.
Technical Structure and Objectives
Crypto Patel sets the main demand area between US$0.07 and US$0.04, which has previously received buyer support and maintained the overall structure. He pointed out that the first and second waves were completed, and the third wave peaked around $0.484. Since then, DOGE has moved lower along the downtrend channel during the fourth wave adjustment process.
His analysis compares the current structure with the fundraising stage of Dogecoin before the outbreak of 2020 - 2021. In the previous cycle, prices once rose by about 26,800% after the fundraising ended. However, there is no guarantee that historical patterns will repeat themselves.
Crypto Patel lists possible targets for the fifth wave: $0.28,$1,$2 and $4. Based on $0.07197, the $0.28 target means an increase of about 289%; the $1 target requires an increase of about 1,289%; and the $4 target means an increase of about 5,458%. If the weekly close below US$0.041, its pattern will expire.
Technical indicators show neutral consolidation
The price of dogcoin currently shows balanced momentum on multiple short-term indicators. The RSI was 52.59 and the Stochastic Oscillator was 43.22, both showing neither strong buying pressure nor heavy selling pressure. The price is also close to US$0.07250 in the Bollinger Band Middle Rail. In terms of technical levels, support is at US$0.06824, and nearby resistance is at US$0.07037. The sluggish trading volume further confirms that DOGE is in a low-volatility consolidation stage.
At the same time, analyst Altcoin Sherpa takes a more cautious view of dogcoin prices. He pointed out that DOGE still leads memein in terms of market value and has sufficient liquidity. But he believes that speculative interest is more concentrated in small-cap tokens with lower valuations. Sherpa expects DOGE to eventually rise again, but prefers to consider entering until there is stronger upward momentum.
