As a seasoned analyst with extensive experience in the crypto market, I find Big Mike’s analysis on Dogecoin (DOGE) to be well-reasoned and technically sound. The use of Elliott Wave theory, coupled with robust technical indicators, provides a solid foundation for his bullish forecast on DOGE.
Expert analysis by Big Mike (@Michael_EWpro) indicates a bullish outlook for Dogecoin (DOGE), potentially reaching beyond the $1 mark during this ongoing bull market. This projection is derived from the Elliott Wave theory and is supported by a solid collection of technical indicators, emphasizing Dogecoin’s significant upward trend.
Dogecoin Could Peak Above $1 In 2025
As a researcher studying the cryptocurrency market, I’ve examined the weekly chart for Dogecoin versus USDT. Notably, this chart reveals Dogecoin’s past market behavior, which featured a five-wave Elliott Wave pattern during the most recent significant bull run. This pattern propelled Dogecoin’s price upward, reaching a peak above $0.70.
After experiencing a significant rise, the market underwent a corrective stage with a WXY pattern – a intricate Elliott Wave correction design featuring three distinct price shifts. During this corrective phase, Dogecoin’s price trend showed signs of consolidation and reversal following its peak.
Starting from late 2023, based on Big Mike’s assessment, Dogecoin has initiated a fresh five-wave structure. This emerging trend is predicted to lead to substantial price growth for Dogecoin, surpassing its earlier peak prices. The initial wave propelled the DOGE price to reach nearly $0.23 at its summit. Subsequently, the second wave took effect, causing the price to plummet as low as $0.1140.
As a researcher studying the price movements of Dogecoin using the Elliott Wave theory, my analysis suggests that we are currently in the early stages of the third wave. Historically, this phase is known for its robust and extended growth, particularly within a bullish market scenario.
As a researcher studying the price movements of Dogecoin, I’ve noticed an interesting finding: Big Mike’s analysis indicates the presence of an ascending channel that commenced with wave 1. This channel provides valuable insight into Dogecoin’s potential trajectory as it continues its upward trend toward new highs. The anticipated peak of wave 3 could reach the upper boundary of this channel, approximately around $0.60.
As a market analyst, I would interpret the possible price action of Dogecoin in the following way: Based on my analysis, there’s a strong likelihood that Dogecoin’s price could dip back to around $0.25 during Wave 4, which represents a pullback within an uptrend. This retreat would pave the way for Wave 5, the final and most significant wave of the bullish trend. During Wave 5, I anticipate Dogecoin’s price surging beyond the $1 mark, aligning with the channel’s upper resistance line.
The chart carefully marks critical Fibonacci extension levels which are drawn from the beginning to the peak of the last bull run. that are expected to play pivotal roles in determining future price points during this bull run. The first notable Fibonacci extension at 2.618 is positioned at approximately $0.14591, serving as an intermediate station within the bull cycle. The 3.618 extension at $0.68835 serves as an intermediary target for the final fifth wave.
The Volume Profile Visible Range (VPVR) on the chart indicates that the present price range is where a large amount of trading activity has taken place. This implies that this level provides strong support for the current Dogecoin price. Furthermore, there seems to be a lack of substantial volume above this region, suggesting limited resistance. Once Dogecoin surmounts its current resistance levels, the absence of significant resistance could lead to an upward price trend with increased momentum.
As a crypto investor, I closely monitor technical indicators to gauge market trends and make informed investment decisions. Based on my analysis, both the weekly Stochastic RSI and the Relative Strength Index (RSI) suggest an upcoming bullish phase. The Stochastic RSI currently indicates an oversold condition, which typically precedes a price recovery. Moreover, the RSI’s upward trend with increasingly higher lows is a strong sign of growing bullish momentum.
At press time, DOGE traded at $0.1247.
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2024-07-01 17:46