Dogecoin has continued its weekly decline over the past 24 hours, with the price measure as a continued consolidation under $ 0.35, at least in the next few days. But Haussey feeling continues to delay for dogecoinand technical analysis suggests that the Meme coin is still on its way to reach new peaks all the time This bike.
According to Crypto Analyst @BTCbalo, on social media platform X, Dogecoin is still in the middle of a hooked phase in the Elliott Wave cycle, and the last fifth wave has not yet been completed. This means that the Meme coin could see another wave before it reached its peak in the current cycle.
Dogecoins Elliott Wave Structure: Why the fifth wave is important
The Elliott Wave Theory is a widely used technical analysis pattern that identifies five -wave impulse patterns in pritt trends, with the fifth wave that usually marks the final driving force in an upward trend before a corrective phase begins.
Share his insights On social media platform X emphasized @BTCBALO that Dogecoin’s fifth wave remains incomplete, which indicates that the price still has room to climb before entering a downward correction. His analysis was accompanied by a monthly candlestick-time frame table, which gave a long-term picture of Dogecoin’s price structure. The diagram revealed that Dogge has followed the Elliott -wave pattern since 2017, with each impulse wave that developed for several years.
Based on this analysis, Dogecoin’s fifth wave probably began at the end of 2023, which marks the beginning of what could be a perennial hauss phase before a major corrective movement takes place. If the wave of wave applies, Doge can continue to grind higher gradually during 2025, possibly expand his winnings well into 2026 before the bike ends.
How high can Dogge go before the bike ends?
Elliott Wave forecasts indicate that the fifth wave often exceeds the top of the 3rd wave, which means that Dogecoin could be led towards a new highest time. Noteworthy, the third wave at the current highest period of $ 0.7316, which would be the most significant resistance to overcome.
While @btcbalo did not PrizeForecasts on the diagram put the Dogecoin top somewhere around $ 5. After reaching this price case, Elliott ABC corrective phase is expected to start. With this in mind, @BTCBALO warned that the bear market After Dogecoin’s price stops can be serious, warning retailers against excessive greed. His analysis indicates that after his projected $ 5 top, the meme coin may experience a sharp correction and fall back to $ 0.20 when the market enters a Baissian phase.
At the time of writing, Dogecoin is traded at $ 0.3265, which reflects a decline of 0.8% over the past 24 hours and a 6.4% decrease over the past seven days. If Projected rally materialized And Doge reaches the $ 5 brand, this would represent an increase of about 1,430% from its current price.
Image from iStock, chart from tradingview.com
