A latest technical evaluation of Dogecoin’s worth chart on the weekly candlestick timeframe has revealed a compelling outlook for the meme coin’s long-term trajectory. In accordance with the analyst, Dogecoin is at present the one meme coin able to delivering a 5-10x return. The prediction is rooted within the evaluation of Dogecoin worth motion utilizing the Elliott Wave concept, with an in depth depend of impulse waves indicating that the meme coin is at present in a major 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 at present within the fifth and ultimate impulse wave of a multi-year macro Elliott Wave construction. This macro wave sequence consists of 5 major impulse waves, with every wave enjoying out over a number of years. The continuing fifth wave, which started in mid-2024, is predicted to proceed its course for the subsequent few years.
Curiously, 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 at all times bullish, goes to be crammed with notable intervals of downtrend corrections, even when the overall motion is upwards.
Dogecoin is at present inside the third sub-wave of this bigger fifth wave, which can also be anticipated to be bullish. Nonetheless, this third sub-wave itself incorporates a number of smaller sub-waves, and the meme coin is presently within the second corrective section of this smaller sub-wave construction. This latest worth consolidation and the correction development that has persevered 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 brief time period, Dogecoin appears to have discovered help at $0.25, and the third impulse sub-sub-wave might start anytime quickly. Though the analyst didn’t observe a precise goal, his projections on the Dogecoin worth 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.
Wanting additional forward, the broader third sub-wave of the continued fifth impulse wave is predicted 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 in keeping with the Elliott Wave depend. XForceGlobal famous that historical past performs an important function in minimizing the margin of error when figuring out these long-term worth targets.
On the time of writing, DOGE is buying and selling at $0.2511, down by 0.47% prior to now 24 hours. Reaching the projected $1.7, $3.3, and $6.5 targets will characterize 577%, 1,215%, and a couple of,490% will increase from the present worth degree.
Featured picture from Unsplash, chart from Tradingview.com