2024-11-28 04:00 |
A crypto pundit has suggested that the Dogecoin price rally is far from over, forecasting mid-term targets between $2.2 and $3.46 for the dog-themed meme coin. According to his detailed price chart, Dogecoin is currently in wave 3 of the Elliott Wave Theory and set for a significant price surge.
Analyst Predicts Dogecoin Price Macro TargetHov, a crypto analyst on X (formerly Twitter), has discussed Dogecoin‘s future price movements based on the Elliott Wave Theory and its current price action. The analyst noted that the meme coin has received a remarkable 690% rally since recently reaching a critical macro entry level.
According to Hov’s chart analysis, the Dogecoin price action is currently in the midst of its third Elliott Wave, a phase often characterized by solid price growth. The third wave is typically seen as the strongest of all five wave motive sequences of the Elliott Wave theory and is also considered bullish.
The price chart shows that Dogecoin is entering its third wave after recently breaking out of a prolonged consolidation period within a critical support zone around $0.27. While Hov has forecasted a rise to the macro targets at $2.2 – $3.46, the analyst has also revealed that the Dogecoin price could reach an ultimate target of $4.2 if it maintains a strong bullish momentum. This substantial price increase would require Dogecoin surging by 976% from its current value.
Analyst Reveals Next Dogecoin Local TopsWhile the DOGE price steadily approaches the $1 mark, crypto analyst Trader Tardigrade has released the upcoming local tops for the number one meme coin. The analyst disclosed that Dogecoin had successfully recorded multiple local market tops in the last year following a substantial price rally. He also revealed that each local top had a 2X relationship, where the Dogecoin price had doubled in the previous three local tops.
Following the analyst’s chart, Dogecoin reached a local top of $0.11 in October 2023, jumping 2X to hit another top of around $0.22 in April 2024. Interestingly, the same bullish pattern occurred again around October this year, with the meme coin doubling its previous price high to reach a local price peak of around $0.44 this month.
Based on this bullish pattern, where the Dogecoin price has historically multiplied by 2X with each local top, Trader Tardigrade predicts that the meme coin will continue this trend until it reaches an all-time high of $5. The analyst has projected that Dogecoin could see its next local top at $0.88 by April 2025.
Additionally, around July 2025, the analyst predicts that Dogecoin will double again and surpass the $1 milestone to hit $1.76. Extending towards October 2025, the analyst has also projected that the Dogecoin price is expected to rally to $3.52.
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