Dogecoin Ready For A $2.43 Rally? Elliott Wave Says Yes

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

A new chart shared by BigMike7335 (@Michael_EWpro) via X suggests that Dogecoin could be on the verge of a strong bullish wave targeting $2.43. His analysis relies on Elliott Wave theory, which divides market movements into impulsive drives and corrective phases. According to this view, DOGE’s historic rally from about $0.0020 to its previous peak near $0.68 unfolded in five distinct waves, labeled as Wave 5(A). This run tracked key Fibonacci extension levels, including the 2.618 region around $0.14591 and the 3.618 near $0.68835, confirming a robust impulsive phase.


Wave C Could Take Dogecoin To $2.43


Once DOGE reached its high around $0.68, the chart shows a significant multi-month period of consolidation that the analyst interprets as a W–X–Y corrective move, comprising Wave (B). This aligns with Elliott’s concept that once an impulsive five-wave sequence is completed, the market is likely to enter a corrective structure which can form in many shapes, including flats, zigzags, or more complex “double” and “triple” patterns such as the W–X–Y indicated here.


Dogecoin Elliott Wave analysis


Throughout 2022 and well into 2023, Dogecoin’s price stayed in this corrective range, a phase that is also highlighted by the Ichimoku Cloud hovering above and around the price action. Traders often interpret the presence of the Ichimoku Cloud as a sign of sideways or uncertain momentum, which is exactly what a B-wave correction typically represents.


In November 2024, the Dogecoin broke above a descending trend line which capped price since the 2021 all-time high for more than 3.5 years. However, the momentum was lost in the following months. Since December, the chart reveals that Dogecoin has started to compress within a recognizable formation that could be viewed as a triangle or wedge.


This shape is often seen in markets as price moves closer to a point of equilibrium before eventually breaking out. The “top TL” (top trendline), which had previously acted as resistance during the decline, is now being watched closely as a potential level for a support/resistance flip. Big Mike noted that DOGE “looks like we are going to retest the top TL for a s/r flip,” implying that a successful hold above this trendline could confirm the end of the (B) wave and the start of the next impulsive phase.


In Elliott Wave terminology, if a five-wave impulsive move up is labeled (A) and the subsequent correction is labeled (B), then the next impulsive structure is typically labeled (C). In the shared chart, Big Mike projects that this Wave (C) could propel Dogecoin as high as $2.43, a figure that corresponds with another significant Fibonacci reference around $2.36 to $2.43. Traders and analysts often look to Fibonacci retracements and extensions to gauge potential support and resistance levels, and in Elliott Wave analysis, these ratios can help identify the possible end-points of larger waves.


The chart also points to $0.15247 as a key level below current trading prices. If DOGE sees a pullback to this area, it could confirm that the retest of the descending trendline is underway. A bounce off this level might signal that Wave (C) is beginning, whereas a break below it could invalidate or postpone the bullish scenario.


At press time, DOGE traded at $0.25.


Dogecoin price

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Bitcoin Decouples From Gold, But Long-Term Correlation IntactData shows the digital gold narrative may be in danger on the short term as Bitcoin has diverged from Gold in its 30-day Correlation.
Author  Bitcoinist
Yesterday 07: 47
Data shows the digital gold narrative may be in danger on the short term as Bitcoin has diverged from Gold in its 30-day Correlation.
placeholder
Charlie Kirk’s Death Becomes a Crypto Flashpoint With ‘Justice’ TokensThe launch of new tokens following headline-making events is not new in the crypto market.
Author  Beincrypto
Sep 11, Thu
The launch of new tokens following headline-making events is not new in the crypto market.
placeholder
Meme Coins Price Prediction: Dogecoin confirms uptrend, reviving Shiba Inu, PepeMeme coins are on a bullish rebound, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) leading the way.
Author  FXStreet
Sep 11, Thu
Meme coins are on a bullish rebound, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) leading the way.
placeholder
Bitcoin Rebounds Toward $114,000, Hits Two-Week HighFresh highs in the S&P 500 and Nasdaq spark a Bitcoin breakout past key resistance.
Author  TradingKey
Sep 11, Thu
Fresh highs in the S&P 500 and Nasdaq spark a Bitcoin breakout past key resistance.
placeholder
Top 3 Price Prediction: BTC finds footing, ETH pauses, while XRP signals bullishnessBitcoin (BTC) price holds steady around $111,000 at the time of writing on Wednesday after facing a mild rejection the previous day.
Author  FXStreet
Sep 10, Wed
Bitcoin (BTC) price holds steady around $111,000 at the time of writing on Wednesday after facing a mild rejection the previous day.
Real-time Quote