Can Dogecoin realistically reach the $20 region or above? In an analysis of Elliott Wave Theory, crypto analyst XForceGlobal presented a reason why the popular coin could continue its upward trajectory. He called Dogecoin the “king of all meme coins” and pointed out that historical price action provides essential clues about its future, saying: “If a coin has long historical data to work with, it pairs very well. works well with Elliott Wave Theory as it helps reduce the impact of noise in shorter time frames.
Dogecoin at $20?
Highlighting Dogecoin’s massive rise from around $0.001 to its previous high of nearly $0.80, he highlighted the possibility that what seemed like a “pipe dream” would now materialize into a tangible reality. The analyst said, “For me, this goes from a pipe dream to a reality,” emphasizing that such an extraordinary jump aligns with the concept of an extended Wave 3 in Elliott’s framework. He stressed that markets tend to evolve repeated cycles of five impulsive waves and three corrective waves, driven in part by the collective psychology of investors. According to him, “Elliott wave theory only provides probabilities, not certainties,” but the longevity and depth of Dogecoin’s price history provides greater credibility to the wave count.
Looking at the macro chart, he explained how Dogecoin could have completed a wave 4, describing it as a “very rare-looking triangle.” He proposed that a breakout of this formation could trigger a wave 5 capable of surpassing the previous all-time high, potentially reaching a price level above $4. After calling a potential five-wave advance from the coin’s all-time lows to its high near $0.80, he argued that the nature of psychological market cycles suggests that another significant impulse is in the works. Thu. He added: “We could be working towards a larger extended third wave to the upside for the supercycle level,” referring to the idea that Dogecoin’s broader trend remains intact despite periodic bearish phases.
However, after reaching $4, Dogecoin price could face a major correction, possibly in the range of 80-90%, which would not necessarily invalidate the bullish narrative. In his words: “Even with 90% hindsight, it’s still extremely optimistic… it’s crazy. » He claimed that such abrupt retracements often occur in crypto markets, but as long as the underlying structure remains intact, the asset can still continue its macro bullish trend.
He predicts that Dogecoin’s next major rally (after the correction) could put the price in a range including $12, $25, or even $30. One speculative figure he mentioned was $57, although he cautioned against viewing it as a guaranteed target. Instead, he reminded viewers, “Don’t blame me, blame the Elliott Wave Theory…I’m just a messenger.” »
The analyst also used “alternation theory” to illustrate how strong previous waves in Dogecoin’s chart were, suggesting that subsequent corrective waves could be more sideways in nature, like triangles or flats. The presence of robust “long-term historical data,” he explained, helps reveal these broader cyclical patterns more reliably. According to his interpretation, Dogecoin waves 1 and 2 were sharp, and therefore waves 3 and 4 tend to show the lateral and consolidated movement typical of this principle. He described how the recent trend could mark the end of such a sideways wave 4, giving way to a final ascending wave 5 before any deep corrective events.
He then turned his attention to “Dino coins,” using the term to describe cryptocurrencies with an extensive trading history that can produce clearer Elliott Wave counts over multiple market cycles. He noted that investors who traded in past market cycles, such as in 2018, likely recognize the trends and importance of these older assets. “I think this is the cycle where one continues to invest in Dino coins,” he said, noting that such projects often experience strong rebounds if they survive long enough to build momentum in new macroeconomic cycles.
At press time, DOGE was trading at $0.37775.
Featured image created with DALL.E, chart from TradingView.com