Dogecoin (DOGE) price is approaching a critical juncture in its technical analysis structure. Recent price action suggests the formation of a B-wave correction after the cryptocurrency's rally from April 7th. Analysts are monitoring key support and resistance levels to anticipate Dogecoin's next major price move.

Dogecoin price is currently down by more than 7% and trades at $0.22 at the time of writing.

Dogecoin’s Recent Price Action

After bottoming on April 7th, Dogecoin has been executing a three-wave move to the upside. While some analysts initially viewed it as potentially turning into a five-wave bullish structure, the recent price behavior leans more toward a diagonal pattern.

This makes a completed five-wave scenario unlikely at present. The price has also reacted to a resistance zone.

Key Support And Resistance Levels

The market is now setting up for a B-wave correction, with several crucial support zones to watch:

Crucial Support: $0.15

Stronger Support: $0.13

Weakest Support: $0.1

Analysts note that if this pullback is indeed a B-wave, it must hold the $0.15 level to preserve the long-term bullish structure. A steeper decline and strong sell-off through this tier would weaken the scenario, signaling a potential for a deeper correction.

What’s Next For Dogecoin Price

The recent rally into the target zone has likely completed a wave A within the larger ABC corrective pattern. A B-wave bounce could be forming now, with traders advised to watch for resistance in the $0.235 to $0.255 zone.

A strong breakout above this range would indicate stronger bullish momentum, but failure to pierce through it may signal a setup for a final C-wave decline toward the support levels.

Analyst's Take

For now, Dogecoin appears to be completing the initial leg of its B-wave correction. Once this bounce occurs, we can expect a subsequent C-wave decline, offering an opportunity to buy into strength on any deeper dips.

“Unless DOGE breaks decisively above Sunday’s high of $26.00, this corrective structure remains the base-case scenario.”