Dogecoin Ready For A $2.43 Rally? Elliott Wave Says Yes
The post Dogecoin Ready For A $2.43 Rally? Elliott Wave Says Yes appeared on BitcoinEthereumNews.com.
Este artículo también está disponible en español. 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, 1-month chart | Source: X @Michael_EWpro 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. Related Reading 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.…
Filed under: News - @ February 12, 2025 8:19 am