Here are goals to watch

Dogecoin, the leading meme coin, may face further corrections before it reaches new heights, according to market analyst Bhadrak.

In a recent post on TradingView, Behdark discussed Dogecoin’s latest price movements amid the ongoing market correction. For context, despite the recent cryptocurrency executive order issued by President Donald Trumpthe broader cryptocurrency market continues to consolidate, and DOGE has been a victim of this trend.

Dogecoin is facing an ABC correction

With your waste He explained That Dogecoin has entered the ABC correction phase after its highest price of $0.41 on December 11, 2024. He marked this point with a red mark on the 8-hour chart. Currently, DOGE is in wave B of correction, And he formation like Diagonal pattern.

However, he expects this B wave to be an upward push, suggesting that in the short term, DOGE may see a short retracement rally during this wave. Chart data shows that wave B may reach its final stage by the end of January, once it arrives Resistance mark $0.40.

According to him, the resistance of wave B of the ABC correction will coincide with wave g of the broader wave count that started on December 20, 2024. However, after reaching the $0.40 resistance mark, Behdark believes that Dogecoin will see a massive pullback.

Market analyst warns of a bearish wave C Probably so Follow this, causing prices to fall into the “yellow zone”. The chart confirms that this wave C is between $0.24 and $0.27, with DOGE likely to enter this area next month.

Interestingly, this yellow area is important. Bhadrak believes that significant liquidity is concentrated here. He suggested that as well Dogecoin It is possible that it will form a top above this level, indicating a possible recovery after the correction.

Bhadrak promised to update his analysis as prices approach the yellow zone. However, his forecast indicates that this correction is necessary before Dogecoin sees a more significant rally.

Wider expectations

It is worth noting that the last analysis was an update to a Previous report From December 22, 2024. During this period, the analyst highlighted that Dogecoin is In the middle A major multi-year bull phase, characterized by a diagonal or symmetrical pattern.

The analyst noted that wave E of this pattern has completed, indicating the beginning of wave F, which is a bearish phase. Based on the previous corrective waves (B and D), Behdark expects wave F to be volatile and last between 196 and 347 days.

According to Behdark, the F wave should end inside the horizontal green zone, which is within the $0.15 and $0.20 price range. If Dogecoin price closes below the cancellation level in the weekly candle, the bullish outlook of the green zone will not hold anymore.

Meanwhile, in separate analysisMarket observer Moin Haddadian noted that Dogecoin is currently forming an ascending triangle as it looks to recover from the 45% price correction. DOGE is expected to push towards the upper border of the triangle if the $0.2393 support continues.

Currently, Dogecoin is trading at $0.3491, down 0.49% this morning and is changing hands during The wave B From updated Behdark analysis. Bulls should make sure they defend against any sharp decline below $0.24.