Ah, Dogecoin—the meme coin that refuses to fade into obscurity. A recent technical analysis of its price chart on the weekly candlestick timeframe has revealed a rather… optimistic outlook for its long-term trajectory. According to the analyst, Dogecoin is the only meme coin capable of delivering a 5-10x return. The prediction is rooted in the analysis of Dogecoin’s price action using the Elliott Wave theory, which, let’s be honest, sounds more like a surf report than a financial forecast. But hey, who are we to argue with waves?
Dogecoin’s Fifth Impulse Wave And Its Sub-Wave Structure
This Elliott Waves technical analysis, shared on social media platform X by crypto analyst XForceGlobal, suggests that Dogecoin is currently in the fifth and final impulse wave of a multi-year macro Elliott Wave structure. This macro wave sequence consists of five primary impulse waves, each playing out over several years. The ongoing fifth wave, which began in mid-2024, is expected to continue its course for the next few years. Because, of course, Dogecoin needs more time to meme its way to the top.
Interestingly, the technical analysis shows that this ongoing fifth Elliott wave is divided into sub-waves of uptrends and corrections. So, while the general movement is upwards, expect some downtrend corrections along the way. Because nothing says “bullish” like a rollercoaster ride, right? 🎢
Dogecoin is currently within the third sub-wave of this larger fifth wave, which is also expected to be bullish. However, this third sub-wave itself contains multiple smaller sub-waves, and the meme coin is presently in the second corrective phase of this smaller sub-wave structure. This recent price consolidation and the correction trend have persisted over the past eight weeks. Because even memes need a breather.
Short-Term Outlook And Expected Price Targets
As it stands, Dogecoin is in a sub-sub wave-2 formation in light of its decline from $0.48 since December 2024. Although the correction phase could continue in the short term, Dogecoin seems to have found support at $0.25, and the third impulse sub-sub-wave could begin anytime soon. The analyst didn’t specify an exact target, but his projections on the Dogecoin price chart put the price target of the third sub-sub-wave at around $1.7. This alone will see Dogecoin shooting above its current all-time high of $0.7316. Because why aim for the stars when you can aim for the moon? 🌕
Looking further ahead, the broader third sub-wave of the ongoing fifth impulse wave is expected to push Dogecoin toward the $3.3 range. For the long-term macro outlook, the complete fifth impulse wave is projected to drive DOGE to approximately $6.5 in a multi-year rally in line with the Elliott Wave count. XForceGlobal noted that history plays a crucial role in minimizing the margin of error when identifying these long-term price targets. Because, you know, history always repeats itself—especially in the world of memes.
At the time of writing, DOGE is trading at $0.2511, down by 0.47% in the past 24 hours. Reaching the projected $1.7, $3.3, and $6.5 targets will represent 577%, 1,215%, and 2,490% increases from the current price level. Because nothing says “financial stability” like a meme coin. 😂
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2025-02-19 20:45