The Dogecoin price has pulled back this month as the recent crypto bull run stalled. DOGE was trading at $0.2025 on Thursday, a few points above this month’s $0.1860, and the Elliot Wave pattern points to an eventual rebound.
Dogecoin Price Technical Analysis
The daily chart timeframe shows that the DOGE price surged recently as Bitcoin jumped to a record high. This rebound started after the coin bottomed at $0.1420, its lowest point in July this year. It formed a double-bottom pattern at that level and briefly moved above its neckline.
Dogecoin price then pulled back recently, mirroring the performance of Bitcoin and most altcoins. A closer look shows that this pullback is strategic as it is part of the formation of the second phase of the Elliot Wave.
The coin will likely move to the next stage, which is the third wave, which is usually the longest. If this happens, the coin will likely jump to the 23.6% Fibonacci Retracement level, which is about 88% above the current level.
The coin will then enter the fourth corrective wave that will bring it to the 38.2% retracement at $0.3300 and then bounce back to last year’s high of $0.4845.
The bullish Dogecoin price forecast will become invalid if it drops below the lowest level this week.
READ MORE: IOTA Price Prediction: Bullish Pattern Forms as Top Metrics Surge
Bitcoin Penguins Could be a Smarter Buy
Meanwhile, crypto investors are now moving to Bitcoin Penguins (BPENGU), which promises better returns than Dogecoin and other traditional meme coins.
Bitcoin Penguins was inspired by the success of Pudgy Penguins, which has taken the concept of penguins mainstream. PENGU originated from an NFT collection, which has handled over $600 million worth of transactions.
Data on its website shows that demand for Bitcoin Penguins is rising. It has raised over $2.1 million in less than two weeks, and the bullish momentum is continuing.
Bitcoin Penguins is gaining traction among investors because it is differentiating itself from other presale tokens. For one, its insiders have been allocated just 3% of the tokens, meaning that they can’t manipulate the price.
Historically, founders and advisors allocate as much as 30% of all the circulating supply. This puts the other investors at risk if they decide to dump their tokens, as we saw with Mantra a few months ago.
They have also pledged to list the token on exchanges within a month or when Bitcoin Pepe achieves a $10 million milestone. This is notable, as we are aware of presales that have been ongoing for months or even years.
Bitcoin Penguins will be one of the meme coins to introduce staking, where investors will be rewarded for just holding the token. 20% of all the tokens have been allocated to this staking. Hurry up and buy BPENGU here.
READ MORE: ZBCN Price Technical Analysis: What Next For Zebec Network?
This content includes marketing materials. Neither BanklessTimes nor the article’s author endorses any products mentioned here. Users should perform their own research before making decisions related to the company.
