Dogecoin’s recent price action has shown more stagnation than strength , leaving investors uncertain about its next major move. A technical analyst using Elliott Wave theory has shared a long-term outlook suggesting that Dogecoin c ould be in a corrective phase that may extend further than most traders expect.

According to the analyst, the current formation could trace back to a much deeper level in what he described as the worst-case scenario for Dogecoin.

Long-Term Structure Suggests Extended Wave 4 Consolidation

The analysis revisits Dogecoin’s structure dating back to its 2021 peak, when the meme coin reached $0.73 at the height of meme coin euphoria. The analysis proposes that since then, Dogecoin’s price action has been trapped in a multi-year corrective wave

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