Can Dogecoin Really Hit $20? Shocking Predictions from a Crypto Expert!

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As a researcher examining the potential growth of Dogecoin, I’ve been intrigued by the perspective offered by crypto analyst XForceGlobal through the lens of the Elliott Wave Theory. He views Dogecoin as the “king of all meme coins” and believes that its historical price action holds significant insights into its future trajectory. By applying the Elliott Wave Theory, which minimizes the influence of short-term market noise due to its long-term focus, he suggests that Dogecoin could potentially sustain an upward trend. This leads me to consider whether it’s realistic for Dogecoin to reach or surpass the $20 region.

Dogecoin To $20?

The analyst emphasized that Dogecoin’s dramatic surge from $0.001 to almost $0.80, which was initially considered a far-fetched idea, is now becoming a tangible fact. He expressed this by saying, “From a pipe dream to reality,” suggesting that such an extraordinary spike aligns with the concept of an extended Wave 3 in the Elliott wave model. He explained that markets typically follow a pattern of five impulsive waves and three corrective waves, with investor psychology playing a significant role. The analyst added that the Elliott Wave theory does not guarantee outcomes but the prolonged and substantial rise in Dogecoin’s price history lends more credibility to the wave counts.

Through analyzing the overall chart, he elaborated on how Dogecoin might have finished Wave 4, identifying it as an unusual-looking triangle. He suggested that a breakout from this structure could trigger Wave 5, which could exceed the previous record high, possibly reaching prices over $4. Following his labeling of a potential five-wave progression from the coin’s lowest historical point to its peak near $0.80, he contended that the market’s cyclical patterns imply another significant uptrend is underway. He further commented, “We could be gearing up for an extended wave three move upward at the super cycle level,” implying that Dogecoin’s larger trend remains strong, even during temporary down periods.

After reaching $4, there’s a strong likelihood of Dogecoin experiencing a significant correction, potentially amounting to 80% to 90%. This drop wouldn’t necessarily contradict the overall positive outlook. In simpler terms, even if there’s a 90% decrease, it still represents a very optimistic scenario… it’s astonishing. He emphasized that substantial declines like this are common in cryptocurrency markets. However, as long as the fundamental structure remains robust, the asset can persist in its long-term upward trajectory.

He believes that after the correction, Dogecoin’s next significant rise might position its price within the range of $12, $25, or potentially $30. However, he emphasized that a prediction of $57 should not be seen as a definite goal. Instead, he advises his audience, “Remember, it’s not my fault if it reaches there; it’s just the Elliott Wave theory at work…I’m merely the messenger.

The analyst used “Alternation Theory” to demonstrate that the initial, steep waves in Dogecoin’s chart might indicate that future corrective waves would display a more horizontal or sideways movement, such as triangles or flats. He emphasized that extensive “historical data” is crucial for spotting these broader cyclical patterns with greater precision. Based on his analysis, the analyst suggested that Dogecoin’s Wave 1 and Wave 2 were steep, meaning that Waves 3 and 4 would likely show the sideways, consolidated motion characteristic of this theory. He explained that the current pattern could be nearing the end of a sideways Wave 4, potentially leading to an upward Wave 5 before any significant corrective event occurs.

Later on, his focus shifted towards what he referred to as “Dinosaur currencies,” a term for cryptocurrencies with substantial trading backgrounds that offer clearer Elliott Wave patterns across various market phases. He pointed out that investors who traded during earlier market periods, like in 2018, would probably recognize the patterns and value of these older assets. “I believe we’re still in the phase of investing in Dinosaur currencies,” he stated, emphasizing that such projects tend to experience significant surges if they manage to maintain momentum during new market cycles.

At press time, DOGE traded at $0.37775.

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2025-01-20 14:11