In his last briefing on YouTube 292,000 subscribers, an analyst known as “more crypto-online” (MCO), claimed that the recovery of Dogecoin from early support leaves the Memecoin road map in the field of $ 0.60.
Dogecoin path to $ 0.60
Speaking less than forty -eight hours after the local minimum of Dogecoin on May 6, about 0.163 US dollars, MCO emphasized that the price action still respected the restoration of Fibonacci of the fourth wave, which he outlined in previous sessions. “The price held this area of support from 15.5 cents to 16.8 cents as standard support for Fibonacci on the fourth wave,” he said, adding that the rebound had already satisfied the “bare minimum” requirement to launch the fifth wave.
The nearest turn of the analyst (1 hour schedule) remains a line of $ 0.18, USA-operating, 50 percent restoration of the pulse of the late April. “While we hold more than 0.18 dollars, there are absolutely no signs of the top,” Mako said, emphasizing that the decisive gap below this threshold would lead to a revaluation of the intraday scheme and moved to May 6. He described $ 0.18 as a level that “allows continuation, a direct continuation of growth, in a growth impulse.”
Until now, the last impetus of Dogecoin only checked the maximum of April 30 about 0.193 dollars, leaving the fifth wave “not healthy enough to be considered a fifth wave that has already been completed.” Therefore, the analyst expects at least “one or two fibonacci levels higher, where the third wave exceeds”, distinguishing 123.6 percent, 138.2 percent and 161.8 percent as ordinary zones, which will check the properly expanded fifth wave. Thus, the ideal target area begins fractionally higher than $ 0.193 and can stretch in the range of low 20 cents if the pulse remains untouched.
MCO also outlined unforeseen circumstances in which the market loses the floor of $ 0.18. Provided that the resulting recovery remains adjusting and, critically, has more than 6 May, it is at least at 0.163 dollars. It will consider failure as a “b-wave rollback” in a wider “wider ABC structure”, which ultimately causes Dogecoin to maximums of fresh cycles. “This would allow you to get a wider ABC structure … And the B-wave rollback can simply be corrected, but should stay above this on May 6,” he explained.
While the current segment was concentrated on the microstructure-dependently from whether the fifth wave finishes in one traction or turns into a more complex version of ABC, the analyst confirmed that none of the stated scenarios denies larger bull thesis up to 0.155 to 0.168 US dollars. This structure still ends with the number of waves that projects Dogecoin to a psychologically important area in the amount of 0.60 centes in the amount of 0.60 cent, as soon as a higher degree pulse cycle unfolds.
At the moment, the analytics panel remains simple: above $ 0.18, the burden of proof lies with bears; Under it, the market will explore whether the corrective decrease is simply a prelude to the next – and potentially decisive – persistent leg. As MCO concluded, “direct movement remains expectation […] But the break is lower, you know, will lead to the fact that this is a discussion. ”
During the press, the dog traded at 0.205 dollars.
Favorite Image created with Dall.E, a diagram from tradingView.com
