{"id":2051,"date":"2024-12-29T05:11:05","date_gmt":"2024-12-29T05:11:05","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/dogecoin-price-gets-caught-in-long-cup-and-handle-pattern-that-could-send-price-crashing-below-0-2\/"},"modified":"2024-12-29T05:11:05","modified_gmt":"2024-12-29T05:11:05","slug":"dogecoin-price-gets-caught-in-long-cup-and-handle-pattern-that-could-send-price-crashing-below-0-2","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/dogecoin-price-gets-caught-in-long-cup-and-handle-pattern-that-could-send-price-crashing-below-0-2\/","title":{"rendered":"Dogecoin Price Gets Caught In Long Cup And Handle Pattern That Could Send Price Crashing Below $0.2"},"content":{"rendered":"

The Dogecoin price is consolidating<\/a> around the $0.3 mark after declining by more than 21% in the past month. A crypto analyst has identified a new Cup and Handle pattern, suggesting that the top meme coin is likely headed for more pain<\/a>, with a potential crash below $0.2.\u00a0<\/p>\n

Chart Pattern To Trigger Dogecoin Price Crash<\/h2>\n

A TradingView analyst known as \u2018Cryptechcapital\u2019 has shared<\/a> a chart representing an Elliott Wave analysis of Dogecoin’s price movements<\/a> on a long-term weekly time frame. While the analyst has provided a detailed report on Dogecoin\u2019s present Elliott Wave structure, he has identified the formation of a textbook Cup and Handle pattern.\u00a0<\/p>\n

A Cup and Handle pattern<\/a> is a technical indicator that signals a period of consolidation before a breakout. While it is typically considered a bullish signal that extends an uptrend, the crypto analyst has noted that its appearance in Dogecoin\u2018s chart points to a significant price correction to new lows.\u00a0<\/p>\n

\"Dogecoin<\/p>\n

The analyst\u2019s Dogecoin price chart outlines a 5-wave impulse structure from 1 to 5. Dogecoin is currently at Wave 4, a correction wave, where prices retrace and move sideways for a prolonged period. The handle of the Cup and Handle pattern also corresponds with Wave 4 of Dogecoin\u2019s 5-wave structure.\u00a0<\/p>\n

In the immediate term, the TradingVolume analyst has predicted a significant Dogecoin price crash <\/a>once it completes Wave 4. He suggested that if the Cup and Handle pattern holds, Dogecoin may experience downward pressure over the next week. The analyst also added that the broader cryptocurrency market might face similar bearish headwinds, particularly with the rising market volatility and Bitcoin\u2019s declining price<\/a>.\u00a0<\/p>\n

While the exact levels of the analyst\u2019s projected decline are not specified, Wave 4 corrections are usually known to retrace significant portions of the previous Wave 3 gains. This means that if Dogecoin experiences a price decline during Wave 4, a potential dip below $0.2 could be possible.<\/p>\n

Dogecoin Crash First, Recovery Next?<\/h2>\n

While Cryptechcapital has predicted a significant price crash for Dogecoin, he also asserts that this anticipated correction could pave the way for a potential price rally.\u00a0<\/p>\n

As mentioned above, the Cup and Handle pattern often signals the final consolidation phase before a price breakout. The TradingView analyst has predicted that Dogecoin could undergo a severe price crash before triggering a price recovery to the coveted $1 mark<\/a>.<\/p>\n

The analyst\u2019s price chart also highlights that if Dogecoin achieves a local high instead of continuing its projected correction, the Cup and Handle pattern will be invalidated. This development would require a new forecast for Dogecoin\u2019s price trajectory<\/a>.\u00a0<\/p>\n

\"Dogecoin<\/p>\n","protected":false},"excerpt":{"rendered":"

The Dogecoin price is consolidating around the $0.3 mark after declining by more than 21% in the past month. A crypto analyst has identified a new Cup and Handle pattern, suggesting that the top meme coin is likely headed for more pain, with a potential crash below $0.2.\u00a0 Chart Pattern To Trigger Dogecoin Price Crash…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[131],"tags":[110,19,114,115,132],"class_list":["post-2051","post","type-post","status-publish","format-standard","hentry","category-dogecoin","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-dogecoin"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/2051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=2051"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/2051\/revisions"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=2051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=2051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=2051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}