Cryptocurrency analyst Paul (@Zig_ZagTrades) predicts Dogecoin could fall to $0.12 before rebounding, according to a chart recently shared on social media platform X.

The analysis presents a detailed Elliott Wave structure showing what Paul identifies as an (A)–(B)–(C) correction pattern. This technical formation suggests DOGE may complete a significant Wave 2 correction near the $0.12–$0.15 price range.

Paul's chart indicates Dogecoin has been following a five-subwave decline since reaching its Wave 1 peak. The cryptocurrency has traced a series of smaller waves labeled 1 through 5, with the fifth subwave potentially concluding a broader C wave.

"DOGE 1D: A Subwave 5 drop setting up a wave C/2 finish in the GZ for DOGE," Paul noted in his analysis. The "GZ" refers to a "Golden Zone" where Fibonacci support levels cluster.

Key retracement levels in Paul's analysis span from $0.16 down to approximately $0.11. Specific Fibonacci levels include 61.8% retracements around $0.160257 and $0.150508. Deeper support zones at 78.6% near $0.118726 and a 100% projection around $0.126709 are also highlighted.

The chart shows Dogecoin has traded below the Ichimoku Cloud since late January. This technical indicator suggests DOGE hasn't established bullish momentum for several weeks, supporting the analyst's corrective pattern theory.

Recent candlestick patterns confirm a sequence of lower highs and lower lows. Volume indicators show steady selling pressure accompanying downward movements, reinforcing the possibility of a final corrective leg.

While Paul projects an eventual rally from the anticipated low, there's no guarantee DOGE will hold at the $0.12–$0.15 support zone. Failure to maintain these levels could extend the correction and invalidate the bullish outlook.

Dogecoin traded at $0.17 at press time.