Dogecoin is showing signs of potential breakout, with a current price near $0.174 and an 11% recovery since Tuesday's low.
Technical analyst More Crypto Online highlights a diagonal wave pattern indicating a complex corrective move, targeting $0.196 if Dogecoin defends the $0.16-$0.166 support range.
The market context is mixed with a 24-hour turnover of over $1.5 billion and a correlation with Bitcoin at 0.62, the lowest since early May.
A breakout above $0.20 could validate the analyst's bullish target and signal a trend reversal from Dogecoin's long-running descending channel.