A renowned market analyst believes that Dogecoin (Doge) is preparing for this year's 2025, indicating a potential increase of 23 times.
This Dogecoin (Doge) has been the focus of attention for price movements in the past few weeks due to discussions on the potential of meme coins. This year's gate has dropped by 21.17%, but market analysts believe its resurgence will not only restore these losses, but also lead to a new historical high.
An analyst like this, 'Mano Yahweh,' has drawn attention to the structure of the Elliott Wave, which could trigger such a huge comeback. In his latest analysis, he revealed that he is closely monitoring assets as it browses the third wave of this widespread structure on weekly charts.
Dogecoin trades in Elliott Wave structure
In terms of context, Dogecoin began this Elliott Wave structure with an impressive rally in January 2024, and by March 1, 2024, after the completion of Wave 1, it had skyrocketed to $0.2288. However, Wave 2 brought a huge setback, ultimately leading to its collapse to the floor. 0.0805 USD in August 2024.
Following this wave 2, the price of Dogecoin recovered on the back of the third wave, as the meme coin took advantage of President Donald Trump's peak in the broader market and reached a four-year high around 0.4843 in December 2024.
Despite ongoing corrections, Doge Lord's chart indicates that Dogecoin is still trading within the third wave. This chart indicates that Doge is on the edge of a rebound in the ongoing correction, with the upcoming fibonacci level 1 rally matching the new all time high of $1.1293. It is worth noting that this will mark the end of wave 3.
Meanwhile, the fourth wave is expected to trigger a pullback below $1. According to the chart, this callback may push Dogecoin towards the level of 0.7702, which Meme Coin can leverage to support hedging against any deeper level of collapse.
Interestingly, Doge Lord predicts that with the recovery of the fifth wave, this wave will lead to a rally resulting in a 1.618 Fibonacci Extension, which corresponds to a price of $6.08. Doge is preparing for a huge move in 2025, "the analyst pointed out, sharing these findings.
Dogecoin is currently trading at $0.2515, down 2.57% today. To achieve a score of $6, assets will need to be 2285% or more than 23 times their current level. Although $6 sounds ambitious, another analyst, Ali Martinez, may have $10 in the race for Doge earlier this month.