In a technical analysis, famous crypto analyst Big Mike (@Michael_EWpro), revealed a bullish trend forecast for Dogecoin (DOGE), which suggests the meme coin could surpass the $1 threshold in this bull cycle. The Dogecoin price prediction is rooted in Elliott Wave theory and is further reinforced by a robust set of technical indicators that highlight the coin’s strong upside potential.
Dogecoin could peak above $1 in 2025
The weekly chart (DOGE/USDT) highlights Dogecoin’s previous market performance, where it completed a 5-wave Elliott Wave pattern during the last significant bull run. This pattern saw the price of Dogecoin rise to just over $0.70.
Following this surge, the market entered a corrective phase characterized by a WXY pattern – a complex Elliott wave correction structure that typically consists of three distinct price movements. This corrective phase marked a period of consolidation and pullback in the price of Dogecoin after its peak.
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Since the end of 2023, according to Big Mike’s analysis, Dogecoin has embarked in a new 5 wave pattern. This nascent formation is predicted to push the price of Dogecoin significantly higher than its previous highs. The first wave drove DOGE price to a peak of just under $0.23. After that, the second wave began, resulting in a pullback that pulled the price down to $0.1140.
Analysis indicates that Dogecoin is currently in the early stages of the third wave of this Elliott Wave pattern. Traditionally, the third wave is the most dynamic and usually extends further, especially in a strong bullish context.
Notably, Big Mike highlights the existence of a ascending channel The start of wave 1 further corroborates the bullish sentiment held in this analysis. This channel maps the potential path Dogecoin may follow as it targets new highs. Wave 3 may peak at the channel’s upper trendline around $0.60.
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Wave 4 could potentially pull Dogecoin price back to the lower boundary of the ascending channel, roughly around $0.25. This pullback 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 channel’s upper resistance line.
The chart carefully marks the critical Fibonacci extension levels that are drawn from the beginning to the peak of the last bull run. which are expected to play key roles in determining future prices during this bull run. The first notable Fibonacci extension at 2.618 is positioned at approximately $0.14591, serving as a way station within the bull cycle. The 3.618 extension at $0.68835 serves as the intermediate target for the final fifth wave.
The Volume Profile Visible Range (VPVR) on the chart reveals that the current price zone has a high concentration of traded volume, suggesting that it acts as a robust base for the current price level. The absence of significant volume above this area suggests minimal resistance, which could allow for an accelerated price rally once Dogecoin breaks past existing resistance levels.
Technical indicators such as the weekly Stochastic RSI and weekly Relative Strength Index (RSI) support an imminent bullish phase. The Stochastic RSI is in the oversold region, indicating potential for price recovery. However, the upward trend of the RSI with higher lows suggests increasing bullish momentum.
At press time, DOGE was trading at $0.1247.
![Dogecoin Could Eclipse $1 Mark This Bull Run, Analyst Predicts 1 Dogecoin Price](https://thegurumedia.com/wp-content/uploads/2024/07/DOGEUSD_2024-07-01_13-34-28.png)
Featured image created with DALL·E, chart from TradingView.com