A cryptocurrency expert states that Dogecoin's price increase is far from over, predicting that the mid-term target price for this dog-themed meme coin lies between $2.2 and $3.46. According to his detailed price charts, Dogecoin is currently in the third wave of Elliott wave theory and is set for significant gains.
Analysts predict the macro target price for Dogecoin.
Hov, a cryptocurrency analyst from X (formerly Twitter), discusses Dogecoin's future price movements based on Elliott wave theory and Dogecoin's current price trends. The analyst notes that since recently reaching a key macro entry level, Dogecoin has achieved an astonishing 690% increase.
According to Hov's chart analysis, Dogecoin's price trend is currently in the third Elliott wave, a phase typically characterized by steady price growth. The third wave is often considered the strongest among all five wave sequences of Elliott wave theory and is viewed as bullish.
Price charts show that Dogecoin recently broke through the key support area near $0.27 after a long consolidation period and is entering the third wave. While Hov predicts the macro target price will rise to between $2.2 and $3.46, the analyst also revealed that if Dogecoin maintains strong bullish momentum, its price could reach a final target of $4.2. This significant price increase would require Dogecoin to soar 976% from its current value.
Analysts reveal Dogecoin's next local leaderboard.
As Dogecoin's price steadily approaches the $1 mark, cryptocurrency analyst Trader Tardigrade has released insights on the upcoming local peak of the number one meme coin. The analyst revealed that Dogecoin successfully set multiple local market peaks after a significant price increase last year. He also noted that each local peak has a doubling relationship, with Dogecoin's price doubling at the first three local peaks.
According to analysts' charts, Dogecoin reached a local high of $0.11 in October 2023, followed by a doubling, reaching another high of around $0.22 in April 2024. Interestingly, a similar bullish pattern reappeared around October this year, with the meme coin's price doubling from the previous peak, reaching a local price peak of around $0.44 this month.
Based on this bullish pattern, Dogecoin's price has historically doubled each time it reaches a local peak. Trader Tardigrade predicts that this meme coin will continue this trend until it reaches the historical high of $5. The analyst forecasts that by April 2025, Dogecoin could reach the next local peak of $0.88.
In addition, analysts predict that by around July 2025, Dogecoin will double again, breaking the $1 barrier to reach $1.76. By October 2025, analysts also predict that Dogecoin's price could rise to $3.52.
