The cryptocurrency expert said that the price rise of Dogecoin has just begun, and he predicted that the medium-term target of Dogecoin will be between $2.2 and $3.46. Based on the Elliott Wave Theory and detailed K-chart analysis, he believes that Dogecoin is currently in the third wave stage and expects a strong rise in the future.
Analysts Predict Dogecoin Macro Price Targets
Cryptocurrency analyst Hov shared his analysis on X (formerly Twitter) discussing Dogecoin’s future price action. He noted that the meme coin has gained 690% since it broke through a key macro entry level.
According to Hov’s analysis, Dogecoin’s price is in the third wave of the Elliott Wave Theory, which is usually accompanied by a continued rise in prices. The third wave is generally considered to be the strongest band in the Elliott Wave and a bullish signal for the market.
According to the price candlestick chart, Dogecoin recently broke through the key support area of $0.27, ending a long period of sideways consolidation and entering the third wave of upward movement. Although analyst Hov's macro target is $2.2 to $3.46, he also pointed out that if Dogecoin continues to maintain a strong upward momentum, the ultimate target may reach $4.2. This means that the price of Dogecoin needs to rise by nearly 976% from its current level.
Analyst Reveals Next Dogecoin Local Top
In another analysis, cryptocurrency analyst Trader Tardigrade mentioned that as the price of DOGE approaches the $1 mark, he predicts that Dogecoin will soon reach the next local top. Tardigrade said that Dogecoin experienced a sharp rise last year and successfully set new records at multiple local highs. He further analyzed that the price of each local top rose by 2 times compared to the previous one.
From the chart, Dogecoin reached its first local high at $0.11 in October 2023 and achieved a 2-fold increase. Then, in April 2024, it reached its second high of $0.22. Interestingly, a similar upward pattern reappeared in October this year, and the price of Dogecoin is expected to double to about $0.44.
According to the previous upward pattern, Dogecoin has doubled every time it reaches a local high. Trader Tardigrade believes that this pattern will continue, eventually pushing Dogecoin to a new all-time high, possibly breaking the $5 mark. According to his prediction, by April 2025, Dogecoin may reach the next local high of $0.88.
In addition, analysts also foresee that by July 2025, Dogecoin will double again, breaking through $1, and the price may reach $1.76. By October 2025, Dogecoin is likely to continue to rise, and the price is expected to reach $3.52.
