A current technical evaluation of Dogecoin’s value chart on the weekly candlestick timeframe has revealed a compelling outlook for the meme coin’s long-term trajectory. In keeping with the analyst, Dogecoin is presently the one meme coin able to delivering a 5-10x return. The prediction is rooted within the evaluation of Dogecoin value motion utilizing the Elliott Wave idea, with an in depth depend of impulse waves indicating that the meme coin is presently in a big macro uptrend section.
Dogecoin’s Fifth Impulse Wave And Its Sub-Wave Construction
This Elliott Waves technical evaluation, which was famous on social media platform X by crypto analyst XForceGlobal, reveals that Dogecoin is presently within the fifth and remaining impulse wave of a multi-year macro Elliott Wave construction. This macro wave sequence consists of 5 major impulse waves, with every wave taking part in out over a number of years. The continuing fifth wave, which started in mid-2024, is anticipated to proceed its course for the following few years.
Apparently, the technical evaluation reveals that this ongoing fifth Elliott wave is split into sub-waves of uptrends and corrections. As such, the massive fifth wave, which is all the time bullish, goes to be crammed with notable intervals of downtrend corrections, even when the final motion is upwards.
Dogecoin is presently throughout the third sub-wave of this bigger fifth wave, which can also be anticipated to be bullish. Nonetheless, this third sub-wave itself comprises a number of smaller sub-waves, and the meme coin is presently within the second corrective section of this smaller sub-wave construction. This current value consolidation and the correction development that has continued over the previous eight weeks.
Brief-Time period Outlook And Anticipated Worth Targets
Because it stands, Dogecoin is in a sub-sub wave-2 formation in mild of its decline from $0.48 since December 2024. Though the correction section might proceed within the quick time period, Dogecoin appears to have discovered assist at $0.25, and the third impulse sub-sub-wave might start anytime quickly. Though the analyst didn’t be aware an actual goal, his projections on the Dogecoin value chart put the worth goal of the third sub-sub-wave at round $1.7. This alone will see Dogecoin capturing above its present all-time excessive of $0.7316.
Trying additional forward, the broader third sub-wave of the continuing fifth impulse wave is anticipated to push Dogecoin towards the $3.3 vary. For the long-term macro outlook, the whole fifth impulse wave is projected to drive DOGE to roughly $6.5 in a multi-year rally consistent with the Elliott Wave depend. XForceGlobal famous that historical past performs a vital position in minimizing the margin of error when figuring out these long-term value targets.
On the time of writing, DOGE is buying and selling at $0.2511, down by 0.47% previously 24 hours. Reaching the projected $1.7, $3.3, and $6.5 targets will signify 577%, 1,215%, and a couple of,490% will increase from the present value degree.
Featured picture from Unsplash, chart from Tradingview.com
