#Dogecoin seems to be facing a very interesting future based on what the candles and #ElliottWaves have to say.
All quarterly/monthly/weekly/daily frames have active bearish formations (not much to discuss) and I am focusing on the Elliott Waves.
The bigger picture of the dogecoin waves is rather unusual and I am not convinced for now that the coin would be a continuously growing asset. It might be cyclical – one cycle of growth and one cycle of decline until it is delisted.
Nevertheless, each cycle of decline can be viewed from the perspective of Elliott Waves.
After a rapid growth, dogecoin developed two distinctive waves – A and B. Wave A shaped as a leading diagonal down. Wave B was a regular flat.
As each correction has three waves, #doge is likely working on wave C of II. The wave down shapes so far as a regular motive wave that already completed subwaves 1-4 and is developing wave 5.
Target area for wave C: $0.05 – $0
Target area for wave 5: $0.12-0.05 (-25%-70% off the current price of $0.167)
Possible timing: middle of January, but the wave could take several months to fully develop.
Once the target hit, I would like to emphasize, it is not clear whether #dogecoin would ever grow again.
Perhaps not everyone likes to hear the message above, however, I would not feel comfortable if I withdrew it from analysis.
BTC Weekly Analysis:
Long Term Forecast for #SOLANA: