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The new chart shared by Bigmike7335 (Michael_EWPro) indicates that Dogecoin can be about to be a strong upward wave targeting $ 2.43. His analysis depends on Elliot’s wave theory, which divides market movements into motivated motors and corrective stages. According to this view, the historical assembly of DOGE is from about $ 0.0020 to its previous peak near $ 0.68, which was unveiled in five distinct waves, bearing the name of the 5 (A) wave. This operation follows the main Fibonacci extension levels, including the 2.618 region of about $ 0.14591 and 3.618 near $ 0.68835, confirming a strong phase.
The CBGECOIN wave can be sent to $ 2.43
Once Duj reaches a height of about $ 0.68, the graph shows a multiple -task -task -task -task -task -task -task that the analyst is explained as a WXY corrective step, which includes a wave (B). This is in line with the Elleott concept that as soon as a flowing wave of five waves is complete, the market is likely to enter a corrective structure that can be formed in many forms, including apartments, zigzag, or “double” and “triple” styles W – x – y here.
During the year 2022 until 2023, the price of Dogecoin in this corrective range remained, a stage that is also highlighted by the Ichimoku cloud that hovers above and around the price movement. Merchants often explain the presence of Ichimoku cloud as a sign on sides or uncertain momentum, which is exactly what the wa wave correction is usually represented.
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In November 2024, Dogecoin was broken over the descending trend line that crowned the price since the highest level in 2021 over more than 3.5 years. However, momentum lost in the following months. Since December, the graph has revealed that Dogecoin has begun to pressure within a mastery formation that can be considered a triangle or a wedge.
This shape is often seen in the market where prices approach the balance point before the exit in the end. “Top TL” (Top Trendline), which was previously working as resistance during retreat, is now closely monitored as a possible level of support/resistance. “It seems that we will re -test the TL TL TL/R FLIP”, which means that a successful suspension over the direction line can confirm the end of the wave (B) and the beginning of the next impulsive stage.
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In Elliott wave terms, if a five -wave rush move is classified and subsequent correction (B) is corrected, the following impulsive structure is usually named (C). In the joint graph, the Big Mike projects that can pay this wave (C) DOGECOIN to $ 2.43, a number that corresponds to another important reference in Fibonacci about $ 2.36 to $ 2.43. Traders and analysts often look forward to Fibonacci’s recovers and accessories to measure potential support and resistance levels, and in the analysis of Elliott wave, these proportions can help determine the potential final points of large waves.
The chart also indicates $ 0.15247 as a major level lower than current trading prices. If Duj sees a retreat to this area, he may confirm that re -testing the descending trend line is ongoing. The apostasy may indicate that the wave (C) has started, while the break below can nullify or postpone the bullish scenario.
At the time of the press, Dog was traded at $ 0.25.
Distinctive image created with Dall.e, Chart from TradingView.com
