A crypto analyst looked at the Dogecoin price chart to assess if the meme coin has bottomed out after falling significantly this year.

암호화폐 분석가는 Dogecoin 가격 차트를 살펴보며 올해 크게 하락한 밈 코인이 바닥을 쳤는지 평가했습니다.

A crypto analyst from the More Crypto Online YouTube channel looked closely at the price chart for Dogecoin (DOGE) in a recent video posted on December 11th, assessing whether the meme-inspired cryptocurrency may have bottomed out after its long decline this year.

Doge has broken out of this price channel to the upside. Has it bottomed? Unclear. We can’t say for sure, but we’ve been tracking here a diagonal pattern to the upside.

Doge는 이 가격 채널에서 상승세를 보였습니다. 바닥을 쳤나요? 불분명하다. 확실히 말할 수는 없지만 여기서는 상승하는 대각선 패턴을 추적해 왔습니다.

More Crypto Online

While stating that he could not definitively declare the end of the crypto bear market, he acknowledged there are signs of a potential bottom forming.

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The analyst discussed two possible Elliott Wave interpretations for Dogecoin’s recent price moves. In one scenario, the current rise could be a leading diagonal pattern, indicating there may still be another pullback ahead in a fourth wave. The alternative sees the rally as the third wave of an impulsive sequence.

분석가는 Dogecoin의 최근 가격 변동에 대한 두 가지 가능한 Elliott Wave 해석에 대해 논의했습니다. 한 시나리오에서는 현재 상승이 상승 대각선 패턴일 수 있으며, 이는 네 번째 파동에서 또 다른 하락세가 여전히 있을 수 있음을 나타냅니다. 대안은 이번 랠리를 충동적 연속의 세 번째 물결로 봅니다.

If modeling the advance as an impulsive third wave, the analyst notes more upside could be in store, perhaps exceeding the psychologically key $0.12 level which aligns with the 1.618 Fibonacci extension of waves one and two. In this case, he would watch for a break of the $0.086 level to signal that a top is likely in place.

While remaining cautiously optimistic given the ambiguous wave count, the analyst stressed, “we only have three waves up.” He conceded a bearish head and shoulders topping pattern also remains in play if the cryptocurrency fails to push higher. For now, he is tracking both bullish and bearish scenario potentials as more price data unfolds.

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더 읽어보기: 카자흐스탄, 더 큰 논란 속에 코인베이스 금지