Despite the muted price action, the analyst believes Dogecoin may still form a classic A-B-C corrective pattern, with the potential C-wave finding a bottom slightly below the A-wave low: "If this really is an A-B-C structure, the C-wave would normally end below the low of the A-wave […] doesn’t have to, but that seems to be likely.” He estimates that the "ideal target” for the C-wave sits around $0.233 to $0.234, derived from measuring the length of the initial A-wave.
A decisive break under either level could signal further downside: "Any break below $0.22 will likely lead to invalidation […] the invalidation point itself is a little lower, however, that’s at $0.204 and we are far away from that at the moment.” Related Reading: Dogecoin Repeating History?
Maintaining this zone is viewed as critical to preserving the broader bullish scenario: "Only as long as the market holds above $0.22, the overall let’s say bullish thesis remains intact […] ideally we’re holding above it.” Any drop below this threshold would seriously dent the bullish case, and another lower figure, $0.204, is cited as the ultimate invalidation point.
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