Dogecoin has been on a huge downward trend from 0.75$ and there is a great chance that 0.05$ might be the historic bottom of the coin. It is clear that the bearish trend has to correct at some point and the first evidence that the downward trend is over is DOGE bouncing heavily at 5 cents, correcting to 0.08$. First reason for the end of the downward trend is that 0.05$ psychologically acted as a buy signal for investors (5 cents was the most commented prize target after 0.75$) and the second reason is just that it has a great support from 2021.
So, the scenarios are the following:
- Optimistic: we can see gains starting from 0.057$ (B), second impulse (C) can reach a price range of 0.088$ (target 1, 100% fib level of WAVE A) and a max of 0.10$ (161% fib level of WAVE A).
- Worst: wave B has not corrected enough and price can reach new B bottoms ranging from 0.057 to 0.05$, which it means stop-loss triggers and trapped buyers.
- Catastrophic: big wave (5) can reach a bottom lower than 0.05$.
So, the scenarios are the following:
- Optimistic: we can see gains starting from 0.057$ (B), second impulse (C) can reach a price range of 0.088$ (target 1, 100% fib level of WAVE A) and a max of 0.10$ (161% fib level of WAVE A).
- Worst: wave B has not corrected enough and price can reach new B bottoms ranging from 0.057 to 0.05$, which it means stop-loss triggers and trapped buyers.
- Catastrophic: big wave (5) can reach a bottom lower than 0.05$.
Comment:
Comment: Nice 30% gains! Market pumped so fast, there is high volatility now and it won't help to achieve the targets. Dogecoin might pump a bit more but there is chance of crypto market going to a bearish trend for new bottoms!