The wavelike pattern is considered valid only if the second wave on the market is corrective. In the case of DOGE, the asset had no chance to go through at least a short-term correction that would cool down the asset and allow it to go further without being heavily overbought.
Since the third wave is usually considered the strongest on the market, DOGE would need enormous inflows from investors in order to proceed further on the market. Since it is already overheated with fresh investments, the chance of the invalidation is rising exponentially, and we might face an unexpected reversal, even in the growth phase.
With the volatility slowly evaporating from the market, investors become more conservative and tend to avoid providing additional inflows. According to volume profiles, we are already seeing this tendency slowly covering the markets.Ethereum has lost more than 50% of the volume it had on Oct. 25, which causes a lack of momentum on the market, despite the funding provided by whales.
At press time, most assets are showing up mild against a 5-10% price increase in the last 24 hours, with a distinctive volume downtrend that will most likely cause a correction in the upcoming days.