Cryptocurrency analyst Behdark conducted an in-depth analysis of Dogecoin's price movements, noting that the current price of Dogecoin has reached an all-time high (ATH) of $0.75. In his analysis, he explained why Dogecoin may still experience significant retracement before rebounding to the current ATH.
The next wave of Dogecoin price is bearish.
In an article on TradingView, Behdark stated that the price of Dogecoin seems to be entering wave F, which is a bearish wave. This cryptocurrency analyst noted that previous corrective waves lasted from 196 to 347 days, so it is expected that wave F will also last from 196 to 347 days.
The analyst's accompanying chart shows that during the corrective wave F, the price of Dogecoin could fall to $0.15. Similar to waves B and D, the analyst noted that this corrective wave is expected to be highly volatile. Based on the 196 to 347-day timeline, this corrective wave may not conclude until sometime in November 2025.
Once corrective wave F is complete, the price of Dogecoin will transition to wave G. Behdark stated that wave G will be a bullish wave, potentially reaching a new ATH. The accompanying chart indicates that Dogecoin could reach around $0.8 in this impulsive upward movement. However, the highly anticipated psychological level of $1 may still be unattainable for the most important meme coin.
Meanwhile, the cryptocurrency analyst added that weekly candlestick charts below the invalid level of $0.12 would invalidate the buying prospects in the green area between $0.15 and $0.20. Considering that cryptocurrency analysts like Trader Tardigrade predict that this meme coin could rise to double digits before mid-2025, Behdark's analysis provides a completely different perspective on the price of Dogecoin.
Behdark's analysis also suggests that the price of Dogecoin is unlikely to reach $1 during this market cycle, as market participants have been eyeing this target since the meme coin began its parabolic rise between October and November.
The four-year cycle continues.
Cryptocurrency analyst KrissPax provided a more optimistic outlook for the price of Dogecoin, stating that the four-year cycle is still in play. The analyst cited a historical pattern where Dogecoin began to rise in late December 2020 and continued to rise starting in January 2021. He then suggested the possibility of this historical trend repeating itself.
Cryptocurrency analyst Master Kenobi also previously stated that the price of Dogecoin could rebound in January 2025, as he referenced the historical pattern of the 2021 bull market. This cryptocurrency analyst believes that Dogecoin may reach new highs around the time of Donald Trump's inauguration, especially given the active role of the Department of Government Efficiency (DOGE) after Trump takes office.
According to CoinMarketCap data, at the time of writing, the price of Dogecoin is approximately $0.31, having dropped nearly 2% in the past 24 hours.
