As Kriptokoin.com reported, Dogecoin (DOGE) has experienced a significant decline since the beginning of June, losing more than 22 percent of its value. Despite this bearish trend, analysts believe that DOGE could be on the verge of a major bullish turn based on technical indicators. In a post on X (formerly Twitter), crypto analyst Big Mike shared a forecast for DOGE, predicting that it could exceed $1 in a bull market.
Price Prediction Based on Elliott Wave Theory
Big Mike’s analysis suggests that DOGE could reach $1 between late 2024 and 2025. Elliott Wave theory is a technical analysis tool that identifies repeating fractal wave patterns to predict market cycles and price movements and is the basis for this forecast.
The latest analysis of the DOGE/USDT weekly chart shows a clear Elliott Wave pattern. DOGE completed five major waves, peaking at around $0.68835. After this peak, DOGE entered a corrective phase, forming waves W, X and Y, a period of consolidation.
The Road to $1 for Dogecoin
DOGE is now in a new upward cycle and waves (1) and (2) have already formed. The price action is also within an ascending channel pattern, which provides a framework for predicting future movements and supports the positive outlook.
Wave (3) could push DOGE to a higher resistance level, potentially between $0.35 and $0.50 based on Fibonacci extensions. This wave is usually the strongest and longest and is driven by significant market momentum. The upper boundary of the ascending channel aligns with these targets, reinforcing the potential price range. Following wave (3), a corrective wave (4) is expected.
Bullish Technical Indicators Support
This wave usually retraces some of the gains of wave (3) and probably brings DOGE to a support range between $0.20 and $0.25. This correction within the ascending channel is important to establish a base for the final push.
Wave (5) is the final push in this cycle and could push DOGE towards $1. The strength of Wave (5) is often related to market sentiment and external factors such as broad cryptocurrency market rallies or major news events. The upper trendline of the ascending channel could drive this wave and significantly boost DOGE’s price if accompanied by strong trading volumes and investor confidence.
Dogecoin Price Analysis
At the time of writing, DOGE is trading at $0.12, down 4.85% on the 24-hour chart. Although Dogecoin fluctuates between bearish trends, Dogecoin’s role in payment methods, especially with Tesla (NASDAQ: TSLA) accepting Dogecoin payments, could bring the cryptocurrency into the mainstream and increase its demand and value.
Dogecoin’s status as a meme coin means that price trends can easily rise and fall with social media hype and market sentiment. Therefore, while technical indicators point to significant growth potential, investors are advised to carefully monitor market conditions and external factors that could affect DOGE’s performance.
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