A fresh Elliott Wave analysis suggests Dogecoin (DOGE) could be preparing for a significant price surge. The target? An ambitious $2.43 mark that would represent a historic rally for the popular meme coin.
Understanding the Elliott Wave Pattern
The analysis tracks DOGE’s previous movement from $0.0020 to $0.68. This rally formed a clear five-wave pattern, labeled as Wave 5(A). The movement aligned perfectly with key Fibonacci extension levels.
Two crucial Fibonacci points stood out in this pattern:
- 2.618 extension near $0.14591
- 3.618 extension around $0.68835
Current Market Structure
After hitting $0.68, DOGE entered a consolidation phase. This formed a W-X-Y corrective pattern, known as Wave (B). The Ichimoku Cloud confirms this sideways momentum.
Recent developments show promise. DOGE broke above a major descending trend line in November 2024. This line had capped price action since the 2021 peak.
The Path to $2.43
The analysis suggests we’re approaching Wave (C). This could drive DOGE to new heights. The $2.43 target aligns with important Fibonacci levels between $2.36 and $2.43.
Key levels to watch:
- Current support: $0.25
- Critical retest level: $0.15247
- Target resistance: $2.43
Market Implications
If this Elliott Wave projection proves accurate, DOGE could see nearly 900% growth from current levels. This move would surpass the previous all-time high by a significant margin.
The compressed price action since December suggests a major move is brewing. The market appears to be testing the previous resistance as new support.
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Traders should watch for a successful retest of the descending trendline. A bounce from $0.15247 could confirm the start of Wave (C). However, a break below this level might delay the bullish scenario.
Tags: Dogecoin, Elliott Wave Theory, Technical Analysis, DOGE Price Prediction, Cryptocurrency Trading
Source: NewsBTC