A fresh Elliott Wave analysis suggests Dogecoin (DOGE) may be preparing for a major rally. Crypto analyst BigMike7335 predicts a potential surge to $2.43. The analysis draws from DOGE’s historical price patterns and technical indicators.
Understanding the Elliott Wave Pattern
DOGE’s previous rally from $0.0020 to $0.68 followed a clear five-wave pattern. This movement tracked key Fibonacci levels perfectly. The 2.618 extension hit $0.14591, while the 3.618 extension reached $0.68835.
Current Market Structure
The meme coin entered a consolidation phase after hitting $0.68. This formed a W-X-Y corrective pattern. The Ichimoku Cloud confirms this sideways momentum. DOGE broke above a major descending trendline in November 2024. This ended a 3.5-year downtrend.
Key Price Levels to Watch
Traders should monitor $0.15247 as crucial support. A bounce from this level could trigger Wave C. This final wave typically produces the strongest moves. The projected target of $2.43 aligns with Fibonacci extensions.
Market Implications
A rally to $2.43 would represent an 872% gain from current levels. This move could spark renewed interest in meme coins. It might also signal broader crypto market strength. However, traders should watch for validation of the pattern.
Risk Factors
A break below $0.15247 could invalidate this bullish scenario. The analysis assumes continued market stability. External factors could impact DOGE’s price action. Traders should use proper risk management.
Advertisement
Trade DOGE with up to 100x leverage on DeFX. Experience lightning-fast execution on Solana.
DOGE currently trades at $0.25. The market shows compression within a triangle formation. This often precedes significant moves. The next few weeks could determine the validity of this analysis.
Tags: #Dogecoin #ElliottWave #CryptoAnalysis #TechnicalAnalysis #MemeCoins
Source: NewsbtC