Dogecoin Could Eclipse $1 Mark This Bull Run, Predicts Analyst

In a technical evaluation, noted crypto analyst Big Mike (@Michael_EWpro), has revealed a bullish forecast for Dogecoin (DOGE) that implies the meme coin could surpass the $1 threshold on this bull cycle. The Dogecoin price prediction is rooted within the Elliott Wave theory, and is further reinforced by a strong set of technical indicators that underscore the coin’s strong upward potential.

Dogecoin Could Peak Above $1 In 2025

The weekly chart (DOGE/USDT) highlights Dogecoin’s previous market performance, where it accomplished a 5-wave Elliott Wave pattern through the last significant bull run. This pattern saw the value of Dogecoin escalate to simply above $0.70.

DOGE /USDT possible count into 2025 | Source: X @Michael_EWpro

Following this surge, the market entered a corrective phase characterised by a WXY pattern—a fancy Elliott Wave correction structure that typically consists of three distinct price movements. This corrective phase marked a period of consolidation and retraction in Dogecoin’s price trajectory following its peak.

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Since late 2023, in keeping with Big Mike’s evaluation, Dogecoin has launched into a latest 5-wave pattern. This nascent formation is anticipated to drive the Dogecoin price significantly higher than its previous highs. The primary wave propelled the DOGE price to a peak just shy of $0.23. Following this, the second wave commenced, leading to a retracement that pulled the value right down to as little as $0.1140.

The evaluation indicates that Dogecoin is currently within the initial stages of the third wave of this Elliott Wave pattern. Traditionally, the third wave is essentially the most dynamic and typically extends the furthest, especially inside a robust bullish context.

Notably, Big Mike highlights the existence of an ascending channel ranging from the onset of wave 1 further corroborates the bullish sentiment maintained on this evaluation. This channel maps out the potential pathway that Dogecoin might follow because it goals for brand spanking new highs. The wave 3 could peak on the upper trendline of the channel, at around $0.60.

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Wave 4 could potentially pull the Dogecoin price back to the lower boundary of the ascending channel, roughly around $0.25. This retracement would set the stage for Wave 5, the climactic phase of the Dogecoin bull run, which is projected to propel DOGE above the $1 mark, coinciding with the upper resistance line of the channel.

The chart rigorously marks critical Fibonacci extension levels that are drawn from the start to the height of the last bull run. which can be expected to play pivotal roles in determining future price points during this bull run. The primary notable Fibonacci extension at 2.618 is positioned at roughly $0.14591, serving as an intermediate station inside the bull cycle. The three.618 extension at $0.68835 serves as an intermediary goal for the ultimate fifth wave.

The Volume Profile Visible Range (VPVR) on the chart reveals that the present price zone has a high concentration of traded volume, suggesting it acts as a strong foundation for the present price level. The absence of great volume above this area hints at minimal resistance, which could allow for an accelerated price climb once Dogecoin breaks above existing resistance levels.

Technical indicators resembling the weekly Stochastic RSI and the weekly Relative Strength Index (RSI) support an imminent bullish phase. The Stochastic RSI is within the oversold region, indicating potential for a price recovery. Meanwhile, the RSI’s upward trend with higher lows suggests growing bullish momentum.

At press time, DOGE traded at $0.1247.

Dogecoin priceDOGE price sits below the 200-day EMA, 1-day chart | Source: DOGEUSD on TradingView.com

Featured image created with DALL·E, chart from TradingView.com

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