Leading meme coins could see a significant price increase next year. Specifically, Dogecoin could see a significant increase as one analyst predicts that the price of Dogecoin could reach $1 by 2025. Technical analysis says the coin will benefit from an upcoming bull cycle that is rooted in the Elliott Wave Theory.
Dogecoin has really struggled this month. According to CoinMarketCap, the meme coin has lost nearly 20% of its value in the past 30 days. Moreover, it is currently trading at $0.12, and many are concerned about when the turnaround will occur. However, some experts are preparing for a major surge in this leading altcoin.
Will Dogecoin rise to $1 within the next year?
According to a report from Trading View, cryptocurrency analyst Big Mike has claimed that Dogecoin will surge to $1 by 2025. His analysis is based on the last bull cycle when Dogecoin completed a 5-wave Elliott Wave pattern. The price of Dogecoin surpassed the $0.70 mark.
The aftermath of the bull rally was a sharp correction phase for the entire market. Dogecoin suffered as much as other cryptocurrencies. However, Big Mike noted that the coin has entered a new 5-wave pattern since the beginning of 2023. This nascent formation has analysts expecting a sharp rise in price peaks as Dogecoin enters an iteration of this pattern.
DOGE is just now beginning its third wave. Usually, this is the most dynamic and takes the longest time. This is especially true when the background of the wave is bullish in nature. The analysis expects the third wave to peak at $0.60 or the level of the meme token.
Although Dogecoin is expected to enter an ascending channel and drop to $0.20 in the fourth wave, the next wave is what is really interesting. Big Mike pointed out that Dogecoin should break through the $1 mark. However, the coin will face a lot of key levels to solidify this expectation.
Big Mike is certainly not the only one who holds this view, with another analyst predicting that the price of Dogecoin will rise to $2 next year. Cryptocurrency analyst Kaleo recently predicted that Dogecoin will benefit from a “memecoin supercycle” that will take the price of Dogecoin far beyond the dollar mark. His prediction states that “we will most likely have a little time to prepare before it happens.”
