Dogecoin’s Critical Technical Crossroads: Will It Breakout or Rebound?

Dogecoin traded close to $0.162 during European trading on June 26, maintaining the day's level but still surpassing last Sunday's low by over 13%. Despite this stable appearance, the market is at a pivotal point, described as a 'wait-and-see situation' by YouTube analyst More Crypto Online, which could lead to either a sharp upward movement or a decline back to about $0.14. In a recent video analyzed as part of an Elliott-wave perspective, the analyst suggests that the move from June 22's bottom is incomplete, implying potential for either a bullish breakout or a reversal. The current pattern is identified as a three-wave retracement, with the full five-wave sequence needed for a confirmed bullish impulse still forming. The crucial support zone is between $0.15 and $0.14, encompassing key Fibonacci retracement levels. The upward target in the bullish scenario is near $0.174–$0.177, contingent on completing the five-wave pattern. The analysis warns that if Dogecoin falls below $0.158, the bullish attempt could fail, possibly leading to a retest of $0.14 or lower. Conversely, maintaining above this support and breaking through $0.17 would signal a potential bottom formation and a more sustained rally. The outcome hinges on whether a final fifth wave can be propelled without breaching critical supports, making the near-term direction highly uncertain. In summary, Dogecoin's immediate future depends on critical intraday signals. A decisive move above $0.17 could confirm a bullish trend, whereas slipping below $0.158 may trigger further downside. The market is currently caught in a narrow range, with traders awaiting confirmation of the next significant move.