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Analyst predicts Dogecoin could surpass $1 record during current bull run

by xyonent
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On the technical side, well-known crypto analyst Big Mike (@Michael_EWpro) revealed a bullish outlook. forecast This suggests that the meme coin may cross the $1 threshold in this bull cycle. Dogecoin price prediction is based on Elliott Wave Theory and is further strengthened by a strong set of technical indicators that highlight the coin’s strong upside potential.

Dogecoin could surpass $1 in 2025

The weekly chart (DOGE/USDT) highlights Dogecoin’s past market performance, where a five-wave Elliott Wave pattern was completed during the last significant bull run, which saw Dogecoin price rise to just above $0.70.

DOGE/USDT could count until 2025 | Source: X @Michael_EWpro

Following this surge, the market entered a correction phase characterized by a WXY pattern (a complex Elliott Wave corrective structure that typically consists of three distinct price movements). This correction phase marked a period of consolidation and retreat in Dogecoin’s price trajectory after the peak.

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According to Big Mike’s analysis, starting in late 2023, Dogecoin has entered a new five-wave pattern. This new formation is expected to push Dogecoin price significantly higher than previous highs. The first wave pushed DOGE price to a peak just shy of $0.23. The second wave then began, resulting in a retracement that saw the price drop to $0.1140.

Analysis shows 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 extends the longest, especially in strong bullish conditions.

Notably, Big Mike has highlighted the presence of an ascending channel from the start of wave 1, further supporting the bullish sentiment maintained in this analysis. The channel indicates the path Dogecoin may take as it seeks to reach new highs. Wave 3 is likely to peak at the upper trendline of the channel, around $0.60.

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Wave 4 is likely to drag the price of Dogecoin back to the lower limit of the ascending channel, around $0.25. This retracement is expected to set the stage for Wave 5, the climax of the Dogecoin bull run, which is predicted to push DOGE above the $1 level, which coincides with the upper resistance of the channel.

The chart carefully depicts the key Fibonacci extension levels drawn from the beginning to the peak of the previous bull run. These levels are expected to play a pivotal role in determining the future price points of this bull run. The first notable Fibonacci extension, 2.618, located at approximately $0.14591, acts as an intermediate station within the bull cycle. The 3.618 extension at $0.68835 acts as the intermediate target for the final 5th wave.

The Volume Profile Visible Range (VPVR) on the chart indicates that trading volume is highly concentrated in the current price range, suggesting that it is acting as a solid base for the current price level. The lack of significant trading volume above this area suggests that resistance is minimal, and price increases may accelerate if Dogecoin manages to break above the existing resistance levels.

Technical indicators such as the weekly Stochastic RSI and the weekly Relative Strength Index (RSI) are hinting at an impending bull run. The Stochastic RSI is in the oversold territory, signaling a possible price recovery, while the rising trend in the RSI with higher lows suggests that bullish momentum is building.

At the time of writing, DOGE is trading at $0.1247.

Dogecoin Price
DOGE Price is below the 200-day EMA, 1-day chart | Source: DOGEUSD on TradingView.com

Featured image created by DALL·E and charts taken from TradingView.com

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