NewsBTC
6 hour ago
1 0

Dogecoin Positioned for Potential 600% Rally to $1 with Elliott Wave

Dogecoin's price has been struggling, hovering around $0.16 due to recent market instability. A technical analysis by XForceGlobal suggests that Dogecoin is in a long-term bullish formation, nearing the final stages of an Elliott Wave pattern.

5-Wave Structure

  • XForceGlobal's analysis indicates Dogecoin is in the fifth impulse wave of an Elliott Wave cycle.
  • The fourth wave bottom may have formed between late 2023 and early 2024, with the fifth wave beginning months ago.
  • Despite recent pullbacks, the fourth wave low remains protected, indicating ongoing bullish momentum.

Dogecoin

Future Projections

  • XForceGlobal projects a potential price target above $1, supported by the geometry of the fifth wave.
  • Resistances are below the projected fifth-wave target, indicating potential for further upward movement.
  • A full extension of the fifth wave could reach around $1.768.
  • Currently, Dogecoin trades at $0.1618.

Dogecoin