Dogecoin is trading near $0.162, with analysts suggesting a critical moment that could lead to an upside breakout or a decline towards $0.14.
An Elliott-wave analyst points out that the current price action for Dogecoin indicates an incomplete bullish trend and warns against assuming the worst is over.
The analyst highlights key price levels to watch, with $0.158 being a critical support level. Breaking below this could signal a failed reversal attempt and a potential drop to $0.14.
The future price movement of Dogecoin hinges on whether it can confirm a five-wave impulse, which would establish a bullish trend, or if it will face further consolidation and potential downside pressure.