Dogecoin Could Eclipse $1 Mark This Bull Run, Predicts Analyst

Dogecoin Price Prediction: Bullish Outlook Points to Potential $1 Threshold

Crypto analyst Big Mike has released a bullish forecast for Dogecoin (DOGE), suggesting the meme coin could surpass $1 during this bull cycle. The prediction is based on Elliott Wave theory, complemented by strong technical indicators.

Elliott Wave Analysis

The weekly chart reveals a completed 5-wave Elliott Wave pattern during the previous bull run, reaching a peak of $0.70. Following a corrective WXY pattern, Dogecoin has entered a new 5-wave sequence, projected to drive prices significantly higher.

Wave 1 ended at $0.23, while Wave 2 corrected to $0.1140. Dogecoin is currently in the early stages of Wave 3, typically the most significant in a bullish trend. An ascending channel reinforces this bullish sentiment, with the upper boundary at $0.60 as a potential target.

Wave 4 could pull prices back to the channel's lower boundary ($0.25), setting the stage for Wave 5, which is projected to propel DOGE above $1.

Fibonacci extension levels play a role in defining future price points, with 2.618 at $0.14591 and 3.618 at $0.68835 as potential targets.

Technical Indicators

Weekly Stochastic RSI indicates potential for a recovery, while weekly RSI shows bullish momentum with higher lows.

Conclusion

At the time of writing, DOGE trades at $0.1247. Technical indicators and Elliott Wave analysis suggest a bullish outlook, with a potential surge towards $1 during this bull cycle.