A cryptocurrency expert has suggested that the Dogecoin bull run is far from over, forecasting a medium-term target of $2.20 to $3.46 for the dog-themed meme coin. According to his detailed price chart, Dogecoin is currently in wave 3 of the Elliott Wave Theory and is set for a significant price increase.
Analyst Predicts Dogecoin Price Macro Target
Hov, a cryptocurrency analyst on X (formerly Twitter), discussed Dogecoin's future price movement based on Elliott Wave Theory and its current price action. The analyst noted that the meme coin has rallied a whopping 690% since recently reaching a key macro entry level.
According to Hov's chart analysis, Dogecoin's price action is currently in the middle of the third Elliott Wave, a phase typically characterized by steady price growth. The third wave is generally considered the strongest of all five Elliott Wave theory wave motive sequences and is also considered bullish.
The price chart shows that Dogecoin is entering its third wave after recently breaking out of an extended consolidation phase in a key support zone around $0.27. While Hov forecasts a rise to macro targets of $2.2–$3.46, the analyst also revealed that Dogecoin could eventually hit a target of $4.2 if the strong bullish momentum is maintained. This significant price increase would require Dogecoin to surge 976% from its current value.
Analyst Reveals Next Dogecoin to Hit Local Top
As the DOGE price continues to approach the $1 mark, crypto analyst Trader Tardigrade has announced upcoming local tops for the number one meme coin. The analyst revealed that Dogecoin has successfully recorded multiple local market tops over the past year following a significant price surge. He also revealed that each local top has a 2X relationship, while the Dogecoin price has doubled in the previous three local tops.
According to the analyst's chart, Dogecoin reached a local peak of $0.11 in October 2023, doubling to reach another peak of around $0.22 in April 2024. Interestingly, a similar bullish pattern occurred around October this year, when the meme coin doubled its previous high to reach a local peak of around $0.44 this month.
Based on this bullish pattern, where Dogecoin's price has historically doubled with each local peak, Trader Tardigrade predicts that the meme coin will continue this trend until it reaches its all-time high of $5. The analyst has predicted that Dogecoin could reach its next local peak at $0.88 in April 2025.
Additionally, around July 2025, the analyst predicts that Dogecoin will double again and surpass the $1 mark to reach $1.76. By October 2025, the analyst also predicts that the Dogecoin price is expected to increase to $3.52.