- Dogecoin has surged 690%, with analyst HovWaves predicting a rally toward $2.20-$3.46, and $4.20 as the ultimate target.
- A breakout above $0.27 could lead to a surge past $1.00, with significant volatility expected as DOGE approaches key resistance.
- Dogecoin’s recovery continues into 2024, with Wave 5 targets between $2.00-$3.40, supported by Fibonacci levels and strong momentum.
Dogecoin has surged by over 690% since its macro-level entry, according to technical analyst HovWaves. The cryptocurrency is following the projected Elliott Wave pattern, with the current phase still during the third wave. The analyst’s macro target for DOGE’s price is between $2.20 and $3.46, with $4.20 being the ultimate target, correlating with Elon Musk’s meme number. Here’s a closer look at the analysis and upcoming price action.
Elliott Wave Structure and Key Support Zones
Dogecoin’s price follows the Elliott Wave theory. It breaks market movements into impulsive and corrective stages. The first, between 2019 and 2020, was a low volatility and a period of consolidation. A powerful impulsive wave began in late 2020, this became Wave 1, and after it sharply corrected. After reaching a peak in early 2021, DOGE entered Wave 3, the strongest upward momentum phase, which led to a new high.
Source: HovWaves
The price then experienced a minor correction in Wave 4, forming a pullback. Following this, the rally continued, completing Wave 5 with a parabolic surge to a historical peak. However, by mid-2021, the market shifted into a corrective phase, marked by an ABC structure. Prices dropped steadily, with a notable consolidation range between $0.05 and $0.27.
Gradual Recovery and Impulsive Movement
In 2023, Dogecoin showed signs of recovery. It began forming impulsive subwaves within the corrective range. A breakout above $0.10 indicated a shift toward a renewed upward trend. The trend is continuing into 2024, with Fibonacci extensions projecting Wave 5 targets between $2.00 and $3.40. These levels align with historical resistance zones, suggesting strong price movement ahead.
The analysis also highlights critical resistance at $0.27, marking an essential breakout zone. If DOGE surpasses this level, a rally toward $1.00 and beyond could unfold. However, as the price nears these key levels, increased volatility is likely. The current trend suggests that Dogecoin’s momentum may continue to expand, supported by solid wave progression and Fibonacci retracement levels.
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