Dogecoin continued its weekly decline in the last 24 hours, the action of prices resembling continuous consolidation of less than $ 0.35, at least in the coming days. However, a bullish feeling Continue to linger to DogecoinAnd a technical analysis suggests that the same part is always on the right track reach new heights of all time This cycle.
According to Crypto @BTCBALO analyst, on the social media platform X, Dogecoin is still in the middle of a bullish phase in the cycle of the Elliott wave, and the 5th final wave has not yet been finished. This means that the same piece could see another wave before reaching its peak in the current cycle.
Structure of the Elliott waves of Dogecoin: why the 5th wave is important
THE Elliott waves theory is a widely used technical analysis model that identifies five wave pulse models in price trends, the 5th wave generally marking the final push in an upward trend before the start of a corrective phase.
Share your ideas On the social media platform X, @BTCBALO stressed that the 5th wave of DOGECOIN remains incomplete, which suggests that the price always has room to climb before entering a downward correction. His analysis was accompanied by a monthly graph of the candlestick period, which provided a long -term vision of the structure of Dogecoin prices. The graph revealed that Doge has been following the Elliott Wave model since 2017, each vague impulse taking place over several years.
Based on this analysis, the 5th wave of Dogecoin probably started at the end of 2023, marking the beginning of what could be a multi -year bullish phase before a larger corrective movement took place. If the number of waves is true, DOGE can continue to grind gradually throughout 2025, possibly sharing its earnings well in 2026 before finishing the cycle.
To what height can he go before the end of the cycle?
Elliott’s waves projections indicate that the 5th wave often exceeds the peak of the 3rd wave, which means that Dogecoin could go to a new summit of all time. In particular, the 3rd wave culminated at the level of all the current acts of the asset of $ 0.7316, which would be the most important resistance to overcome.
While @btcbalo did not Provide an exact price objectiveThe projections on the graph placed the peak of Dogecoin somewhere around $ 5. After achieving this price goal, the Elliott ABC corrective phase should begin. In this spirit, @btcbalo warned that the bear market After the peak of the Dogecoin prices could be serious, warning the traders against excessive greed. His analysis suggests that after his planned peak of $ 5, the meter piece could undergo a clear correction and demean $ 0.20 when the market enters a bearish phase.
At the time of writing the writing moment, Dogecoin is negotiated at $ 0.3265, reflecting a drop of 0.8% in the last 24 hours and a drop of 6.4% in the last seven days. If the The projected rally materializes And DOGE reaches the $ 5 mark, this would be an increase of approximately 1,430% compared to its current price.
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