A recently published Dogecoin (DOGE) chart by analyst Paul (@Zig_ZagTrades) suggests that the popular meme-based cryptocurrency could slide as low as $0.12 in a final corrective phase before attempting a significant rebound. The 1-day chart, shared on X, outlines a textbook Elliott Wave structure that Paul interprets as a larger (A)–(B)–(C) correction, culminating in a potential Wave 2 near the $0.12–$0.15 region.

More Downside For Dogecoin Ahead?

In Paul’s analysis, Dogecoin has been tracing a five-subwave decline since reaching a prominent peak labeled as Wave 1 on his chart. This top coincided with a multi-day surge that lost momentum and reversed lower, leading to a series of smaller waves marked as 1, 2, 3, 4, and now 5. The analyst indicates that this fifth and final subwave is likely concluding a broader C wave (or 2nd wave if counting at a higher degree). Paul’s notations highlight a “GZ” (a “Golden Zone” commonly used by traders to pinpoint Fibonacci support clusters), and his markings pinpoint Fibonacci ratios that could define DOGE’s near-term floor.

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The chart shows a cluster of key retracement levels spanning from $0.16 down to the mid-$0.11 range. Paul highlights Fibonacci levels at 61.8% around $0.160257 and $0.150508, alongside deeper retracements at 78.6% near $0.118726 and a 100% projection around $0.126709. These numeric zones appear to bracket the “GZ” in which Paul believes DOGE may complete its final subwave. According to the chart, the $0.12–$0.15 pocket stands out as the most critical price territory for bulls seeking to halt the ongoing downtrend.

The path from the current price region toward this lower objective is labeled with a subwave count that suggests a final push beneath prior lows. Candlestick patterns on the chart confirm a sequence of lower highs and lower lows in recent weeks, a sign that the bearish momentum remains intact. Volume bars at the bottom indicate steady selling pressure accompanying downward impulses, in line with the view that DOGE could still be carving out its terminal leg of the correction.

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Paul’s use of Ichimoku Cloud settings shows that the price has consistently traded below the cloud since late January, indicating that DOGE has yet to reestablish any bullish momentum. The shaded green cloud area on his chart appears to have acted as dynamic resistance, backing up the notion that the market has remained in a corrective posture for several weeks. The analyst’s labeling of the waves beyond the purported bottom, marked as (1) to (5), suggests an expectation of an eventual upward cycle if and when the coin finds support in the “GZ” zone.

While the chart projects a subsequent rally from the anticipated low, no guarantees exist that DOGE will definitely hold the $0.12–$0.15 band. Failure to do so would theoretically extend the corrective pattern and undermine the bullish wave count, but Paul’s annotation implies that he sees the current downswing as a last flush of sellers. In his own words, “DOGE 1D: A Subwave 5 drop setting up a wave C/2 finish in the GZ for DOGE,” suggests an expectation of a local bottom in this area, although the market’s overall direction will hinge on whether enough buyers step in at those Fibonacci levels.

At press time, DOGE traded at $0.17

Featured image created with DALL.E, chart from TradingView.com

The Dogecoin price may be in for more pain, as a crypto analyst has projected another significant breakdown to new lows. On the bright side, the analyst suggests that this retracement will offer a discount for traders who aim to capitalize on the buy-dip opportunities and accumulate ahead of a potential increase. 

If it fails to break a key resistance area, the Dogecoin price could see another major drop to new lows at $0.125. According to TradingView crypto analyst Dave Hunter, this bearish outlook is a more likely scenario for Dogecoin, considering its current market performance and volatility.

Dogecoin Price Set To Retrace To $0.125 Discount

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The red horizontal line at $0.24 marks an order block, which is the critical resistance level at which Dogecoin’s price is set to react. The analyst urges traders to withhold buying more Dogecoin until it attempts a short-term retracement to this area.

Given the weakened state of the market, Hunter emphasized that shorting should take more precedence for traders. The reason is probably because Dogecoin has been in a declining state for weeks now, and initiating a sell-off would help traders prevent further financial losses, especially since additional slips in the meme coin’s value are expected. 

The TradingView analyst warns that liquidity sweeps from lower levels may occur, meaning stop-losses of long positions may be triggered, fueling more selling pressure. Typically, an increase in selling pressure for any cryptocurrency often fuels volatility, potentially leading to a price drop as demand decreases. 

While he shared his bearish forecast for Dogecoin, Hunter also mentioned Dogecoin’s Central Liquidity Score (CLS) and market timing for traders. He highlighted that smart money operates in specific cycles, and traders should consider aligning their market entries with these CLS-based liquidity ranges to limit trade risks. 

DOGE Rebound Incoming: Buy Signal Confirmed

In other news, Dogecoin could be getting ready for a potential price rebound, as its TD Sequential just flashed a buy signal on its daily chart. Renowned crypto analyst Ali Martinez highlighted this discovery on February 27 in an X (former Twitter) post.

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The analyst’s chart indicated a 9 TD Sequential, which typically appears after nine consecutive downward candles and signals a potential trend reversal to the upside. The S13, indicated by the green arrow on the chart, also reinforces this rebound outlook. If the trend holds, Martinez believes Dogecoin could see a major upward movement from its current price of $0.21 soon.

Featured image from Adobe Stock, chart from Tradingview.com

Dogecoin (DOGE) has tanked this week, with the recent downturn pushing its price 73% below its all-time high. For savvy traders, such dips often present a “buy the dip” opportunity and a chance to accumulate DOGE at a discount. If a smart trader takes advantage of this dip to buy between 1,000 and 10,000 DOGE today, what would be the return on their investment? Let’s explore how this purchase could be a game-changer for crypto investors. 

Why Holding Only 1,000 to 10,000 DOGE Could be a Game-Changer 

Dogecoin price today trades at $0.208, meaning that if a trader were to buy 1,000 to 10,000 DOGE, it would cost them between $208 and $2,080. Given this amount of initial investment, the average crypto trader can secure massive returns on the meme coin. Let us discover why. 

Scenario 1: Dogecoin Price Repeats 2024 Rally and Hits $1

Between September 2024 and November 2024, the price of DOGE surged by 400% alongside the rest of the crypto market. This rally was before Elon Musk killed DOGE’s popularity. If DOGE were to regain popularity and repeat such a rally, it could reach $1, and the investors who bought now would scoop massive gains. 

For a trader that bought 1,000 to 10,000 DOGE for between $208 and $2,080, they would get nearly 5x gains, which would increase the value of their holdings to between $1,040 and $10,400. 

Scenario 2: DOGE Repeats 2020-2021 Rally and Hits $60

What if Dogecoin price were to make even bigger gains that overshadowed the 2024 rally? Dogecoin, like many cryptocurrencies, follows cyclical trends. Between 2020 and 2021, DOGE rallied by more than 30,000% as the price moved from below $0.003 to an all-time high of $0.73 within one year. 

If it were to repeat this structure, DOGE could surge to the $58-$60 price range. This means that an investor who bought now with a 1,000 to 10,000 portfolio would get nearly a 300% return on their investment. 

When Will Dogecoin Price Hit the $1 and $60 Price Targets? 

A Dogecoin rally past $1 to $60 will bode well for investors who buy the dip. However, how long will DOGE take before reaching these price levels? 

According to Grok3, $1 is a realistic target for Dogecoin that can be achieved this year in the case of Musk’s influence and a crypto bull run. The model predicted, 

“$1 is likely achievable by late 2025 to mid-2026, driven by Musk’s influence, a crypto bull run, and community momentum”

On the other hand, DeepSeek’s Dogecoin price prediction anticipates that it could reach $60 by 2030 if it gets unprecedented levels of adoption. Per the model, 

“Under the assumption of high adoption, Dogecoin could realistically reach $60 by 2030.” 

Final Thoughts 

Dogecoin has in the past delivered parabolic gains. Therefore, the recent 73% drop from its record high presents an opportunity for traders to buy DOGE at a discount. If the price recovers, traders who bought between 1,000 and 10,000 DOGE would record massive gains. 

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muthoni

Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.