Dogecoin Poised for Major Bullish Reversal: Analysts Predict $1 by 2025
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Bullish Forecast Based on Elliott Wave Theory
Crypto analyst Big Mike has shared a bullish forecast for DOGE, suggesting it could surpass the $1 threshold within this bull cycle. This prediction relies on the Elliott Wave theory, which uses recurring fractal wave patterns to predict market cycles and price movements.
According to Big Mike’s analysis, DOGE could reach $1 by late 2024 to 2025. The latest DOGE/USDT weekly chart reveals a clear Elliott Wave pattern. After completing five major waves and peaking at approximately $0.68835, DOGE entered a corrective phase with waves W, X, and Y, indicating consolidation.
Path to $1: Key Waves and Price Targets
Currently, DOGE is in a new upward cycle, having already formed waves (1) and (2). The price action is contained within an ascending channel pattern, supporting the bullish outlook. Wave (3) is expected to push DOGE to a higher resistance level, potentially between $0.35 and $0.50, based on Fibonacci extensions.
Following wave (3), a corrective wave (4) is anticipated, likely bringing DOGE down to a support range of $0.20 to $0.25. This correction is crucial for establishing a foundation for the final push.
Wave (5), the final push in this cycle, could propel DOGE towards $1. The strength of wave (5) often correlates with market sentiment and external factors, such as broader cryptocurrency market rallies or significant news events.
Current Price and Market Sentiment
At press time, DOGE is trading at $0.12, showing a 4.85% decline in the 24-hour chart. Despite current volatility, Dogecoin’s role in payments, notably Tesla’s acceptance of Dogecoin, could mainstream the cryptocurrency, contributing to increased demand and value.
Cautious Optimism Recommended
While Dogecoin’s status as a meme coin makes it susceptible to sudden price swings driven by social media hype and market sentiment, analysts recommend cautious optimism. Technical indicators suggest significant potential for growth, but investors should remain vigilant to market conditions and external factors that may influence DOGE’s performance.