Dogecoin Could Eclipse $1 Mark This Bull Run, Predicts Analyst
2024年7月1日 - 11:30PM
NEWSBTC
In a technical analysis, noted crypto analyst Big Mike
(@Michael_EWpro), has revealed a bullish forecast for Dogecoin
(DOGE) that suggests the meme coin could surpass the $1 threshold
in this bull cycle. The Dogecoin price prediction is rooted in the
Elliott Wave theory, and is further reinforced by a robust set of
technical indicators that underscore the coin’s strong upward
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
escalate to just above $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 retraction in Dogecoin’s price trajectory
following its peak. Related Reading: Dogecoin To The Moon? Crypto
Analyst Predicts 440% Price Increase Since late 2023, according to
Big Mike’s analysis, Dogecoin has embarked on a new 5-wave pattern.
This nascent formation is anticipated to drive the Dogecoin price
significantly higher than its previous highs. The first wave
propelled the DOGE price to a peak just shy of $0.23. Following
this, the second wave commenced, resulting in a retracement that
pulled the price down to as low as $0.1140. The analysis indicates
that Dogecoin is currently in the initial stages of the third wave
of this Elliott Wave pattern. Traditionally, the third wave is the
most dynamic and typically extends the furthest, especially within
a strong bullish context. Notably, Big Mike highlights the
existence of an ascending channel starting from the onset of wave 1
further corroborates the bullish sentiment maintained in this
analysis. This channel maps out the potential pathway that Dogecoin
might follow as it aims for new highs. The wave 3 could peak at the
upper trendline of the channel, at around $0.60. Related Reading:
Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52%
Wave 4 could potentially pull the Dogecoin price back to the lower
boundary of the ascending channel, approximately around $0.25. This
retracement 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 upper resistance line of the channel.
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 reveals that
the current price zone has a high concentration of traded volume,
suggesting it acts as a robust foundation for the current price
level. The absence of significant volume above this area hints at
minimal resistance, which could allow for an accelerated price
climb once Dogecoin breaks above existing resistance levels.
Technical indicators such as the weekly Stochastic RSI and the
weekly Relative Strength Index (RSI) support an imminent bullish
phase. The Stochastic RSI is in the oversold region, indicating
potential for a price recovery. Meanwhile, the RSI’s upward trend
with higher lows suggests growing bullish momentum. At press time,
DOGE traded at $0.1247. Featured image created with DALL·E, chart
from TradingView.com
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