A new graphic shared by Bigmike7335 (@Michael_EwPro) via X suggests that Dogecoin could be on the verge of a strong upward wave targeting $ 2.43. His analysis is based on the theory of Elliott waves, which divides market movements into impulsive training and corrective phases. According to this point of view, the Historical Doge rally, from $ 0.0020 to its previous peak almost $ 0.68, took place in five distinct waves, labeled like the 5 (A) wave. This execution followed the levels of key fibonacci extension, including the region of 2,618 around $ 0.14591 and the 3.618 almost $ 0.688835, confirming a robust impulsive phase.
Wave C could bring $ 2.43 to $ 2.43
Once Doge has reached its summit of about $ 0.68, the graph shows a significant consolidation period that the analyst interprets as a corrective W – X – H corrective movement, including the wave (B). This is aligned with the concept of Elliott according to which once an impulsive sequence of five waves is complete, the market is likely to enter a corrective structure which can form in many forms, including apartments, Zigzags or “double” and “triple” models more complex such as W – X – Y has indicated here.
Throughout 2022 and well in 2023, the price of Dogecoin remained in this corrective range, a phase which is also highlighted by the Ichimoku cloud hovering above and around the action of prices. Traders often interpret the presence of Ichimoku’s cloud as a sign of laterally or uncertain momentum, which represents exactly what a B correction generally represents.
In November 2024, Dogecoin broke out above a descending trend line that has capped the price from the level of 2021 for more than 3.5 years. However, the momentum was lost in the following months. Since December, the graph has revealed that Dogecoin has started to compress in a recognizable training that could be considered a triangle or a corner.
This form is often visible on the markets as the price is close to a balance point before finally bursting. The “Top TL” (top trendline), which had previously acted as a resistance during the decline, is now closely considered as a potential level for a reversal of support / resistance. Big Mike noted that Doge “seems that we are going to reset the upper TL for the FLIP AS / R”, which implies that a successful socket above this trend line could confirm the end of the wave (B) and The start of the next impulsive phase.
In the terminology of Elliott waves, if an impulsive five wave movement is labeled (A) and the following correction is marked (b), then the following impulsive structure is generally labeled (C). In the shared table, Big Mike plans that this wave (C) could propel Dogecoin as high as $ 2.43, a figure that corresponds to another important Fibonacci reference around $ 2.36 to $ 2.43. Traders and analysts often turn on Fibonacci retractions and extensions to assess potential support and resistance levels, and in the analysis of Elliott waves, these reports can help identify the possible final points of the larger waves .
The graph also indicates $ 0.15247 as a key level below current commercial prices. If Doge sees a withdrawal from this area, this could confirm that the retaining of the downward trend line is underway. A rebound on this level could point out that the wave (C) begins, while a break below could invalidate or postpone the Haussier scenario.
At the time of the press, DOGE exchanged $ 0.25.
