Renowned crypto analyst Big Mike has unveiled an optimistic forecast for Dogecoin (DOGE), suggesting the meme-inspired cryptocurrency could surpass the $1 mark during the current bull cycle. This prediction, grounded in the Elliott Wave theory, leverages a robust set of technical indicators highlighting Dogecoin’s promising upward trajectory.
The weekly chart (DOGE/USDT) illustrates Dogecoin’s historical price performance, showcasing a completed 5-wave Elliott Wave pattern from the last major bull market. This pattern propelled Dogecoin’s price to slightly above $0.70, signalling significant potential for future gains.
The market began a corrective phase after this rise, which was marked by a complicated WXY pattern, which is a typical Elliott Wave correction structure made up of three separate price moves. This corrective phase, which has been marked by times of consolidation and retreat, has prepared the market for a possible Dogecoin price recovery.
Dogecoin is now undergoing market volatility, but expert Big Mike’s technical analysis gives the cryptocurrency a lot of optimism for the future. Investors are urged to closely monitor Dogecoin’s price changes as it passes through its corrective phase. This might open the door for a bullish breakout in the near future, heading towards the highly sought-after $1 milestone.
