An updated technical evaluation of Dogecoin’s price graph on the weekly candlestick time frame has uncovered a convincing forecast for the meme coin’s long-term path. As per the analyst, Dogecoin presently stands as the sole meme coin that can provide a 5-10x yield. This forecast is grounded in the examination of Dogecoin price movements utilizing the Elliott Wave model, with a precise count of impulsive waves suggesting that the meme coin is in a crucial macro uptrend phase.
Dogecoin’s Fifth Impulse Wave And Its Sub-Wave Configuration
This Elliott Waves technical evaluation, highlighted on the social media site X by crypto analyst XForceGlobal, indicates that Dogecoin is currently within the fifth and concluding impulse wave of an extensive multi-year macro Elliott Wave arrangement. This broad wave sequence encompasses five principal impulse waves, with each wave developing over a number of years. The ongoing fifth wave, which commenced in mid-2024, is anticipated to continue its progression for the following years.
Notably, the technical assessment reveals that this active fifth Elliott wave is segmented into sub-waves of uptrends and corrections. Consequently, the large fifth wave, which is invariably bullish, is expected to be interspersed with significant periods of downtrend corrections, even as the overall movement trends upwards.
Dogecoin finds itself within the third sub-wave of this larger fifth wave, which is also projected to be bullish. Nonetheless, this third sub-wave encompasses various smaller sub-waves, and the meme coin is currently engaged in the second corrective stage of this minor sub-wave structure. This recent price solidification and the correction trend that has endured over the last eight weeks.
Short-Term Perspective And Anticipated Price Objectives
Currently, Dogecoin is in a sub-sub wave-2 pattern due to its drop from $0.48 since December 2024. While the corrective phase may persist in the near term, Dogecoin appears to have established support at $0.25, with the third impulse sub-sub-wave potentially set to commence shortly. Although the analyst did not specify an exact target, his projections on the Dogecoin price chart place the price target of the third sub-sub-wave at around $1.7. This would elevate Dogecoin above its current peak of $0.7316.
Looking further into the future, the extended third sub-wave of the ongoing fifth impulse wave is expected to drive Dogecoin toward the $3.3 range. Regarding the long-term macro perspective, the complete fifth impulse wave is projected to propel DOGE to around $6.5 within a multi-year rally consistent with the Elliott Wave count. XForceGlobal emphasized that historical data plays a vital role in reducing the margin of error when delineating these long-term price targets.
At the time of this writing, DOGE is trading at $0.2511, reflecting a decline of 0.47% in the past 24 hours. Achieving the anticipated $1.7, $3.3, and $6.5 targets will signify increases of 577%, 1,215%, and 2,490% from the current price level.
Featured image sourced from Unsplash, chart from Tradingview.com
