Dogecoin’s recent decline may be nearing exhaustion as the price edges toward a crucial support zone. With the downward wave showing signs of completion, market watchers are now eyeing a potential shift in momentum that could spark the next bullish reversal. Price Channel Near Completion: One Key Level Left To Break After examining the Dogecoin (DOGE) 30-minute chart, the Elliott Waves Academy updated its outlook to confirm a period of strong selling pressure. Technical analysis clearly indicates that the DOGE/USD pair is nearing the completion of a defined price channel pattern, with only one key level remaining before the next major wave is confirmed. Related Reading: Bullish Window For Dogecoin Opens in November, Analyst Says Specifically, the downward leg represents Wave (5) of Wave 3 within a larger bearish sequence. According to Elliott Waves Academy, the bearish outlook is heavily supported by the preceding structure, which involves a confirmed and strong downward wave representing Wave (3), demonstrating robust and sustained momentum from the sellers. A continuation of the bearish outlook is structurally reinforced by the presence of the price channel pattern itself. Key to confirming the final downward wave hinges on the price breaking the key support level of the current minor correction. Elliott Waves Academy emphasized that successfully breaking this critical key level will provide undeniable confirmation of the bearish view and set a precise trajectory for the completion of the move. Elliott Waves Academy targets the $0.1843646$ level as the expected floor for this phase. The objective is anticipated to be the point at which the internal wave structure is complete and the current bout of selling pressure is exhausted. Finally, Elliott Waves Academy noted that a crucial follow-up action: after reaching the $0.1843646$ level, a corrective upward main wave is predicted to follow. This implies that anticipated downside is part of a structural cycle and should be followed by a noticeable relief rally. Momentum Builds Quietly Beneath The Surface According to EᴛʜᴇʀNᴀꜱʏᴏɴᴀL, Dogecoin continues to follow the same structural rhythm observed in previous market cycles. The price action is unfolding in a familiar pattern, suggesting that the asset may be preparing for another significant move once conditions align. Related Reading: Volatility Loading: Dogecoin Eyes Explosive Path To $3 In his post, EᴛʜᴇʀNᴀꜱʏᴏɴᴀL revealed that momentum is quietly building above key support levels, signaling underlying strength in the market despite the recent volatility. The structure remains technically sound, indicating that buyers are gradually regaining control. He concluded by emphasizing that patience is key before the next ignition phase, as Dogecoin consolidates and gathers momentum. The current setup suggests a potential upside once a breakout confirms renewed bullish momentum. Featured image from iStock, chart from Tradingview.com
XRP may be quietly setting the stage for another major breakout. Recent chart patterns and market behavior show striking similarities to its 2017 accumulation phase, a period that preceded a massive parabolic rally. As Q4 unfolds, technical indicators and Bitcoin dominance data hint that the long-awaited bullish setup could still be in play. Q4 Move Still Possible: XRP’s Bullish Potential Isn’t Gone Yet Crypto analyst CoinsKid recently shared an update confirming that the highly anticipated Q4 move for XRP is still a potential option. This optimistic outlook is heavily underpinned by the current data observed on the Bitcoin Dominance (BTC.D) chart, which the analyst views as a crucial barometer for altcoin performance. If BTC.D shows weakness, capital typically flows into assets like XRP, supporting the potential for a significant surge in the coming months. Related Reading: XRP Open Interest Crashes 50% Over The Weekend, What Does This Mean For Price? However, CoinsKid pointed out that the recent loss of the $1.90 low last Friday introduced what he described as a structural anomaly into the equation. This development adds a layer of uncertainty to XRP’s short-term outlook, even as the broader setup continues to show potential. He further explained that for this bullish scenario to remain valid, Bitcoin dominance must stay below its 5-day resistance level on the CoinskidRibbon. At the same time, XRP needs to hold above its own 5-day CoinskidRibbon as support. Wyckoff Blueprint In Motion: XRP Mirrors Its 2017 Setup EᴛʜᴇʀNᴀꜱʏᴏɴᴀL, in a recent update, highlighted that XRP is currently positioned within a major accumulation area, signaling that a crucial phase may be unfolding for the asset. According to the analyst, the current market structure strongly mirrors the early stages of a Wyckoff accumulation pattern, a technical formation that often precedes large-scale bullish movements. Related Reading: XRP Bull Run Reloaded: Analyst Says Momentum Mirrors 2017’s Explosive Rally The Wyckoff method identifies this accumulation phase as a period where smart money quietly builds positions while the price remains range-bound. This typically occurs after extended declines, setting the stage for a powerful reversal once the market confirms strength. From a technical perspective, this accumulation structure indicates growing pressure beneath key support zones, which often leads to a strong bullish cycle once a breakout occurs. The repeated testing of support levels, combined with diminishing selling volume, strengthens the case for a potential upside breakout in the near term. EᴛʜᴇʀNᴀꜱʏᴏɴᴀL also drew parallels to XRP’s behavior in the 2017 cycle, when a similar accumulation phase preceded one of the asset’s most explosive rallies, with XRP climbing all the way to the distribution zone, where profits were eventually taken. If history repeats, the altcoin could once again be on the verge of a powerful upward run. Featured image from iStock, chart from Tradingview.com