Renowned digital currency expert Big Mike (@Michael_EWpro) shed light on the much-anticipated Dogecoin (DOGE) surge in his latest technical analysis. According to Big Mike, the meme-inspired cryptocurrency could potentially break the $1 barrier in the current bullish market trend. The comprehensive prediction is based on a judicious interpretation of the Elliott Wave theory and is further strengthened by noteworthy technical indicators demonstrating Dogecoin’s strong upward thrust.
While reviewing Dogecoin’s weekly chart, Big Mike illustrated how the crypto managed to achieve an impressive 5-wave Elliott Wave pattern during its last significant bullish market encounter. This propelled Dogecoin’s market price past the $0.70 mark. The subsequent market fallout, however, redressed this unprecedented acceleration and generated a WXY pattern, a characteristic emblem of a complex Elliott Wave correction structure. The market thus, entered a restorative phase, consolidating and retracting Dogecoin’s price trajectory.
Big Mike’s assessment, carefully charted since late 2023, anticipates a new 5-wave pattern for Dogecoin, promising higher prices than before. The initial wave helped the digital coin reach a peak just below $0.23. The subsequent wave brought about a retracement to as low as $0.1140. Dogecoin is now considered to be in the preliminary stages of the third wave, traditionally the most robust and far-reaching, particularly in a bullish market scenario.
Big Mike has painted an encouraging picture emphasizing an ascending channel since the start of wave 1. This channel could be a predictor of Dogecoin’s path as it seeks new heights. The current phase could peak at around $0.60, aligning with the top trend line of the channel. If things go as predicted, the fourth wave could pull down the price of Dogecoin to approximately $0.25 – the lower boundary of the channel, preparing the ground for the grand finale: wave 5, which is expected to skyrocket Dogecoin past $1.
Considerable Fibonacci extension levels drawn from the commencement to the peak of the last bullish run are plotted on the chart. These are crucial in defining potential price points for this cryptocurrency. Initial Fibonacci extension at 2.618 is pegged at around $0.14591, while the 3.618 extension, which is a reference point for the fifth wave, is positioned at $0.68835.
Big Mike’s chart demonstrates the Volume Profile Visible Range (VPVR) depicting a high traded volume in the current price zone, reinforcing a strong foundation for Dogecoin’s market level. Given the minimal volume resistance, the cryptocurrency is poised for a fast-paced price escalation once it breaks past the existing resistant levels.
Technical indicators such as the Stochastic RSI and the Relative Strength Index (RSI) projected on a weekly basis strongly support an impending bullish phase for Dogecoin. The Stochastic RSI currently situated in the oversold region, indicates a high potential for price recovery. The RSI on the other hand, with upward trending higher lows, suggests growing bullish momentum.
As of press time, DOGE was trading at $0.1247. Despite trading below the 200-day EMA, Dogecoin’s promising future in the bullish market stands to make it an exciting asset to watch.
