Analis: Harga DOGE Akan Mendaki ke US$1 dalam Siklus Bull Terbaru

Dogecoin Poised for a Bullish Reversal, Analysts Suggest

Since early June, Dogecoin (DOGE) has witnessed a significant downtrend, shedding over 22% of its value. Despite this downward momentum, analysts believe DOGE's price could be on the verge of a major bullish reversal based on technical indicators.

Bullish Prediction Based on Elliott Wave

Crypto analyst Big Mike has outlined a bullish prediction for DOGE, suggesting that the memecoin could surpass the $1 mark within this bull cycle. This price forecast is based on Elliott Wave theory, supported by a range of technical indicators.

Technical Analysis and Elliott Wave

According to Big Mike's analysis, DOGE could hit $1 by late 2024 to 2025. Elliott Wave theory, a technical analysis tool used to predict market cycles and price movements by identifying repeating fractal wave patterns, underlies this prediction.

Finbold reported that a recent analysis of the DOGE/USDT weekly chart reveals a clear Elliott Wave pattern. DOGE has completed five major waves, reaching a peak around $0.68835.

After this peak, DOGE entered a corrective phase, forming waves W, X, and Y, indicating a period of consolidation.

New Bullish Cycle

DOGE is now in a new bullish 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 propel DOGE to higher resistance levels, potentially between $0.35 and $0.50, based on Fibonacci extensions.

This wave is typically the strongest and longest, driven by significant market momentum. The upper boundary of the ascending channel aligns with this target, reinforcing the potential price range.

Following wave (3), a corrective wave (4) is expected. This wave usually retraces a portion of the gains from wave (3), potentially taking DOGE into the support range of $0.20 to $0.25. This correction within the ascending channel is crucial for building the base for the final impulse.

DOGE's Potential Surge to $1

Wave (5) represents the final impulse in this cycle and could drive DOGE toward the $1 mark. The strength of wave (5) often correlates with market sentiment and external factors, such as a broader crypto market rally or significant news events.

The upper trendline of the ascending channel could guide this wave, potentially extending DOGE's price significantly, especially if accompanied by strong trading volume and investor confidence.

As DOGE navigates through these predicted waves, investors and traders will be closely monitoring key technical levels and market conditions. The possibility of DOGE reaching $1 depends on a combination of factors, including market sentiment, external news events, and the overall performance of the crypto market.