Dogecoin Price Gets Caught In Long Cup And Handle Pattern That Could Send Price Crashing Below $0.2

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	49,500,477,042	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

49,500,477,042

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.01495	4.61%	0.33931	0.33933	0.33935

Price Change

Price Change %

Current Price

Bid Price

Offer

0.01495

4.61%

0.33931

0.33933

0.33935

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.34458	0.3239	0.32461	0.32436	0.074194 - 0.484640

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.34458

0.3239

0.32461

0.32436

0.074194 - 0.484640

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	17:09:01	25.60	0.3393	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

17:09:01

25.60

0.3393

USD

Price x Volume	Volume	Base Symbol	Related Pairs
95,486,163.62	284,701,117.58	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

95,486,163.62

284,701,117.58

Dogecoin Price Gets Caught In Long Cup And Handle Pattern That Could Send Price Crashing Below $0.2

29/12/2024 3:30am

NEWSBTC

The Dogecoin price is consolidating around the $0.3 mark after declining by more than 21% in the past month. A crypto analyst has identified a new Cup and Handle pattern, suggesting that the top meme coin is likely headed for more pain, with a potential crash below $0.2. Chart Pattern To Trigger Dogecoin Price Crash A TradingView analyst known as ‘Cryptechcapital’ has shared a chart representing an Elliott Wave analysis of Dogecoin’s price movements on a long-term weekly time frame. While the analyst has provided a detailed report on Dogecoin’s present Elliott Wave structure, he has identified the formation of a textbook Cup and Handle pattern. Related Reading: Historical Data Shows What To Expect From Ethereum Price In Q1 2025 – It’s Very Bullish A Cup and Handle pattern is a technical indicator that signals a period of consolidation before a breakout. While it is typically considered a bullish signal that extends an uptrend, the crypto analyst has noted that its appearance in Dogecoin‘s chart points to a significant price correction to new lows. The analyst’s Dogecoin price chart outlines a 5-wave impulse structure from 1 to 5. Dogecoin is currently at Wave 4, a correction wave, where prices retrace and move sideways for a prolonged period. The handle of the Cup and Handle pattern also corresponds with Wave 4 of Dogecoin’s 5-wave structure. In the immediate term, the TradingVolume analyst has predicted a significant Dogecoin price crash once it completes Wave 4. He suggested that if the Cup and Handle pattern holds, Dogecoin may experience downward pressure over the next week. The analyst also added that the broader cryptocurrency market might face similar bearish headwinds, particularly with the rising market volatility and Bitcoin’s declining price. While the exact levels of the analyst’s projected decline are not specified, Wave 4 corrections are usually known to retrace significant portions of the previous Wave 3 gains. This means that if Dogecoin experiences a price decline during Wave 4, a potential dip below $0.2 could be possible. Dogecoin Crash First, Recovery Next? While Cryptechcapital has predicted a significant price crash for Dogecoin, he also asserts that this anticipated correction could pave the way for a powerful rebound. The TradingView analyst revealed that after the completion of Wave 4, Dogecoin is expected to enter Wave 5, signaling the end of its bearish phase and the beginning of a potential price rally. Related Reading: Bitcoin Price Retests Support Line After Crash Below $95,000, Here’s The Next Target As mentioned above, the Cup and Handle pattern often signals the final consolidation phase before a price breakout. The TradingView analyst has predicted that Dogecoin could undergo a severe price crash before triggering a price recovery to the coveted $1 mark. The analyst’s price chart also highlights that if Dogecoin achieves a local high instead of continuing its projected correction, the Cup and Handle pattern will be invalidated. This development would require a new forecast for Dogecoin’s price trajectory. Featured image created with Dall.E, chart from Tradingview.com

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DOGEUSD Dogecoin