After months of lazy price action and integration -with sideways, Dogecoin (Doge) can finally be on the edge of a significant breakout. Recent price movements, technical signals, and greater macroeconomic trends all appear to be converting to DOGE's favor.
Technical breakout from downward channel
According to the review, DOGECOIN has officially broken into a downward channel, a formation that has been capped price rallies since the beginning of the year. The breakout is further proven by a successful retest of previous objection, now supported, suggesting a bullish reversal is being carried out.
Immediate resistance lies at $ 0.27, but continuous bullish pressure can push the DOGE to $ 0.39 and even $ 0.43 in the coming weeks. Meanwhile, support around $ 0.17 provides a safety net in case of short -term pullbacks.
Short price action and Elliott wave analysis
Recent price behavior shows Dogecoin is in a micro-corrective phase, which currently holds above a major zone support between $ 0.17 and $ 0.1777. This region has previously been identified as a level of micro support, and the market reacts accordingly, indicating that the fifth wave in an Elliott's wave order may begin.
To the current number of waves, Analysts recognize a potential three-wave to movewith wave 3 peaking close to 138% fibonacci extension to $ 0.196. If this structure holds, the wave 5 may expand towards the level of 161.8% at $ 0.206 or the level of 178.6% at $ 0.213. A confirmed rest above $ 0.185 will mean the next bullish leg is carried out.
However, a decisive collapse below $ 0.17 will cause a temporary delay in the expected rally. So far, the pullback appears to be corrected and shallow, which is aligned with a continuous climb.
Macro Trends: Bitcoin, Global M2, and Dogecoin Correlation
Beyond the charts, macroeconomic indicators increase fuel in the bullish case. An emerging narrative that gains traction in analysts is the relationship between cryptocurrency prices and global currency supply-a world-loss supply supply with cash, checking, and easily replaced near-money.
According to a user, when applying an 110-day offset, it appears a constant pattern between M2 increases and Doge Price rallies-not including more out-of-date events such as climbing post-trump-election prices.
If the money continues to flow into the property such as Dogecoin as global liquidity expands, especially on the sun, this relationship may be brighter -strengthening the technical scheme.
