In technical analysis, renowned cryptocurrency analyst Massive Mike (@Michael_EWpro) revealed an upward trend forecast for Dogecoin (DOGE), which suggests that the meme coin may break the $1 mark in this bull cycle. Dogecoin price prediction is rooted in Elliott Wave theory and is further enhanced by a solid set of technical indicators that highlight the coin’s powerful upside potential.
Dogecoin could peak above $1 in 2025.
The weekly chart (DOGE/USDT) shows the previous market performance of Dogecoin, which completed a 5-wave Elliott Wave formation during the last significant bull market. This pattern caused the price of Dogecoin to rise to just above $0.70.
Following this rally, the market entered a corrective phase characterized by a WXY pattern — a intricate Elliott Wave corrective structure that typically consists of three distinct price movements. This corrective phase marked a period of consolidation and pullback in Dogecoin’s price trajectory following its peak.
According to Massive Mike’s analysis, Dogecoin has entered a recent 5-wave formation since the end of 2023. This emerging formation is expected to take the price of Dogecoin significantly higher than the previous highs. The first wave pushed the price of DOGE to a high just before $0.23. Then, the second wave began, which led to a retracement that took the price all the way down to $0.1140.
Analysis indicates that Dogecoin is currently in the early phase of the third wave of this Elliott Wave pattern. Traditionally, the third wave is the most animated and usually extends the furthest, especially in a powerful bullish context.
Interestingly, Massive Mike highlights the existence of an ascending channel starting from the beginning of wave 1, further confirming the bullish bias held in this analysis. This channel marks a potential path that Dogecoin could follow as it seeks recent highs. Wave 3 could peak at the upper trendline of the channel, around $0.60.
Wave 4 has the potential to pull Dogecoin price back to the lower boundary of the ascending channel, around $0.25. This pullback would set the stage for Wave 5, the culmination of the Dogecoin bull run, which is expected to push DOGE above the $1 level, coinciding with the upper resistance line of the channel.
The chart precisely marks the critical Fibonacci extension levels, which are drawn from the beginning to the top of the last bull run. which will likely play a key role in determining future price points during this bull run. The first notable Fibonacci extension at 2.618 is positioned around $0.14591, acting as an intermediate station in the bull cycle. An extension of 3.618 at $0.68835 serves as an intermediate target for the final fifth wave.
The perceptible Volume Profile Range (VPVR) on the chart shows that the current price zone has a high concentration of trading volume, suggesting that it is acting as a solid foundation for the current price level. The lack of significant volume above this area suggests minimal resistance, which could allow for an accelerated price rally if Dogecoin breaks above existing resistance levels.
Technical indicators such as weekly Stochastic RSI and weekly Relative Strength Index (RSI) confirm the upcoming bullish phase. Stochastic RSI is in the oversold area, indicating the potential for a price rebound. Meanwhile, the RSI is in an uptrend with higher lows suggesting increasing bullish momentum.
At time of going to press, DOGE’s share price was $0.1247.
Featured image created with DALL·E, chart from TradingView.com
