Dogecoin continued a weekly decline in the last 24 hours, and the price action looked like further consolidation below 0.35 USD, at least in the next few days. However, stubborn fondness Still remains for DogecoinAnd technical analysis suggests that the meme coin is still on the right track Get fresh ups of all time this cycle.
According to the analyst Crypto @btcbalo, on the Social Media platform X, Dogecoin is still in the phase stubborn in the series of the Elliott wave, and the last 5. The wave has not yet been completed. This means that the meme coin could see another raise before reaching the summit in the current cycle.
Elliott Dogecoin wave structure: why 5. The wave matters
. Wave Elliott theory It is a commonly used model of technical analysis, which identifies five-pulsation impulse patterns in price trends, with 5. The wave usually means a final shuffle up before starting the corrective phase.
Sharing your insights On the social media platform X @btcbalo emphasized that the 5th wave of Dogecoin remains incomplete, which suggests that the price still takes place to climb before entering the correction down. His analysis was accompanied by a monthly transient chart at candles, which ensured a long -term view of the Dogecoin price structure. The chart revealed that Doge has been following the Wave Elliott pattern since 2017, and each impulse wave has developed for many years.
Based on this analysis, 5. Dogecoin’s wave probably began at the end of 2023, marking the beginning of the long -term stubborn phase before a larger repair movement occurs. If the number of waves is true, the dog can still grind gradually in 2025, perhaps expanding its profits to 2026 before the end of the cycle.
How high can the dog go before the end of the cycle?
Elliott wave projections indicate that the 5th wave often exceeds the top of the third wave, which means that Dogecoin can head towards the fresh highest all time. In particular 3. The wave has reached the highest level of assets in the level of 0.7316 USD levels, which would be the most significant defeat resistance.
While @btcbalo doesn’t Provide the exact target priceThe projections on the chart meant that Dogecoin Peak somewhere around $ 5. After reaching this target price, the repair phase Elliott ABC is expected to start. With this in mind, @btcbalo He warned that bears After the top of the Dogecoin price, it can be solemn, warning traders from excessive greed. Its analysis suggests that after a forecast top of 5 USD, the coin may experience keen correction and will fall to 0.20 USD when the market enters the bear phase.
At the time of writing, Dogecoin trads 0.3265 USD, which reflects a 0.8% decrease in the last 24 hours and a decrease of 6.4% in the last seven days. If The forecast rally is materialized And the dog reaches a 5 USD mark, which is an raise of about 1 430% compared to the current price.
A distinguished painting from Istock, chart from tradingview.com
