The post Here’s when DOGE will reach $1, according to analyst appeared on BitcoinEthereumNews.com.

Since the beginning of June, Dogecoin (DOGE) has experienced a significant downtrend, shedding more than 22% of its value. Despite this downward momentum, analysts believe DOGE could be on the brink of a major bullish reversal based on technical indicators. Crypto analyst Big Mike on an X (formerly Twitter) post has revealed a bullish forecast for DOGE that suggests the meme coin could surpass the $1 threshold in this bull cycle. The price prediction is based on the Elliott Wave theory, which is supported by a set of technical indicators. Dogecoin’s path to $1 According to Big Mike’s analysis, DOGE could reach $1 by late 2024 to 2025. The Elliott Wave theory, a technical analysis tool used to predict market cycles and price movements by identifying recurring fractal wave patterns, forms the basis of this prediction. The latest analysis of the DOGE/USDT weekly chart shows a clear Elliott Wave pattern. DOGE has completed five major waves, peaking at approximately $0.68835. After this peak, DOGE entered a corrective phase, forming waves W, X, and Y, indicating a period of consolidation.  DOGE is now in a new upward cycle, with waves (1) and (2) already formed. The price action is also contained within an ascending channel pattern, providing a framework for predicting future movements and supporting the bullish outlook. Wave (3) is projected to push DOGE to a higher resistance level, potentially between $0.35 and $0.50, based on Fibonacci extensions.  This wave is typically the strongest and most extended, driven by significant market momentum. The upper boundary of the ascending channel aligns with these targets, reinforcing the potential price range. Following wave (3), a corrective wave (4) is expected. This wave usually retraces a portion of wave (3)’s gains, likely bringing DOGE down to a support range of $0.20 to $0.25. This…

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Filed under: News - @ July 2, 2024 5:12 pm