DogeCoin price has weak hands losing sight of a future 20% bull rally targeting $0.16

DogeCoin price should have one more wave up

DogeCoin price fooled traders this week as price impulsively blew past pullback zones. DogeCoin price has rallied since last week's thesis, establishing a new swing high at $0.1544. When analyzing the rally on the 2-day Chart, the popular meme coin seems to have breached the parallel trend channel, which fits standard Wave 3 criteria. Traders should expect more sideways price action and potential pullbacks into the $0.12 zone before the Dogecoin price makes its 5th Elliott wave run-up towards $0.16

DogeCoin price has added bullish confluence from the Fibonacci projection indicator. The 261.8% Fib level is a common target for fifth wave impulses and currently displays at $0.1674. The mid-$0.16 cent zone hints at a 20% rally in the coming weeks for the DOGE price, which sets up a 1.75 risk to reward ratio from today's current price of $0.1387.

DOGE/USD 2-Day Chart

Traders looking to be early should watch for buy signals amidst the current bearish correction while keeping their invalidation at $0.1219. If the $0.1219 level were breached, the overall uptrend would be deemed a failure. The bears would likely send DogeCoin into $0.11 and potentially the historical trend at $0.09, resulting in a 27% crash from the current DOGE price.