Dogecoin Ready For A $2.43 Rally? Elliott Wave Says Yes
BigMike7335 (@michael_ewpro) shows through the new chart shared by X that Dogecoin may be on the verge of a strong bullish wave of targeting $2.43. His analysis relies on Elliott Wave theory, which divides market movement into impulse drivers and correction phases. According to this view, Doge’s historic rally ranged from about $0.0020 to the previous peak close to $0.68, unfolding in five different waves, marked No. 5 (a). This run tracks the expansion levels of the key Fibonacci, including around 2.618 zones $0.14591 and 3.618 close to $0.68835, confirming the powerful Impulsive stage.
Wave C can boost Dogecoin to $2.43
Once Doge reaches a height around, the chart shows an important multiple-month merger period, which analysts interpret as W-XY corrections, including waves (B). This coincides with Elliott’s concept that once the five-wave sequence of impulsiveness is completed, the market may enter a correction structure that can be formed in many shapes, including apartments, zigzags or more complex “Double” and “triple” modes, such as W-X-y indicated here.
Dogecoin’s price has remained within this correction range throughout 2022 and through 2023, and this stage is also highlighted by the Ichimoku cloud hovering above and around the price action. Traders often interpret the existence of Ichimoku cloud as Side signs or uncertain momentum, which is what B-wave correction usually represents.
Related Readings
In November 2024, Dogecoin broke the trend line on the landing trend line, which has been limiting prices since 2021’s all-time high of 3.5 years. But, in the next few months, momentum was lost. Since December, the chart reveals that Dogecoin has begun to compress in recognizable formations, a construction that can be considered a triangle or a wedge.
This shape is usually seen in the market before the price is closer to the equilibrium point and then eventually explodes. The “Top Tlline” that previously acted as resistance during the decline is now closely watching the potential levels of support/resistance flips. Big Mike notes that Doge “looks like we will retest the top TL of AS/R Flip”, which means that successful holdings beyond this trend line confirm the end of the (B) wave and the beginning of the next impulse phase.
Related Readings
In Elliott Wave terminology, if the impulse that is marked upwards (a) and subsequent corrections are marked (b), the next impulse structure is usually marked (c). In the shared chart, Big Mike predicts that this wave (C) could drive up to $2.43 Dogecoin, a figure that corresponds to another important Fibonacci reference item, about 100% of the year. $2.36 to $2.43. Traders and analysts often seek Fibonacci backtracking and expansion to measure potential support and resistance levels, and in Elliott wave analysis, these ratios can help determine the possible end points for larger waves.
The chart also points to $0.15247, a key level below the current trading price. If Doge sees a callback in this area, it can confirm that the retest of the downgrade trendline is in progress. The following levels may indicate that the wave (C) is beginning Bullish scenarios.
At press time, Doge traded at $0.25.
Featured Images created with dall.e, Charts for TradingView.com
