The post Dogecoin To The Moon? Crypto Analyst Predicts 440% Price Rally appeared on BitcoinEthereumNews.com.

In a recent technical analysis by popular crypto analyst Big Mike (@Michael_EWpro), the likelihood of a substantial rise in Dogecoin (DOGE) has been spotlighted. Employing a blend of Elliott Wave theory, Fibonacci retracement levels, and crucial indicators such as the RSI and MACD, the analysis presents a bullish scenario that could greatly influence Dogecoin’s market stance. Why Dogecoin Could Skyrocket By 440% The three-day chart for Dogecoin, as traded on Binance, exhibits a complex structure that suggests the application of Elliott Wave theory, which is essential in predicting price movements based on investor psychology and momentum. The chart indicates the end of a corrective phase and the start of a potential strong bullish trend. Dogecoin price analysis | Source: X @Michael_EWpro The Elliott Wave pattern on the chart pinpoints several crucial phases. Wave 1 began at a base level below $0.08, marking the onset of bullish momentum and peaked at $0.2196. Related Reading Following this, the chart shows a corrective phase characterized by an A-B-C pattern. This pattern is key in Elliott Wave theory, representing a market correction after an initial price surge. Here, Wave A starts the correction with a downturn to $0.1189, followed by a slight upward retracement in Wave B to $0.17, and then a more significant decline in Wave C, setting the stage for the completion of Wave 2. This corrective phase is vital as it sets up the foundation for the anticipated bullish Wave 3. However, Big Mike predicts wave 2 could push the Dogecoin price down to $0.1032 (which represents the peak of a superior wave 1) before the onset of wave 3. The Fibonacci retracement tool is employed to identify potential future support or resistance levels. In this analysis, the 0.618 Fibonacci level at $0.2196 is particularly significant as it marks the peak…

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Filed under: News - @ June 28, 2024 8:26 pm