The price movement of Dogecoin has been the subject of numerous speculations over the past few months. Various cryptocurrency analysts have conducted many analyses, many of which are based on the repetition of its patterns within market cycles. A recently published analysis on the TradingView platform delved into Dogecoin's technical prospects, incorporating indicators such as Fibonacci levels, Elliott Wave Theory, and the Wyckoff Method to predict the cryptocurrency's downward and upward price targets.

 

According to analysts, Dogecoin's price has shown a clear Elliott Wave structure, ranging from the bear market low of $0.045 in 2022 to the recent multi - year high of $0.48 in December 2024. Interestingly, this prediction suggests that the five - wave cycle has been completed, and the next stage is the formation of an ABC corrective wave. Waves A and B have already played out, leaving Wave C to complete the structure and create the last corrective wave in the pattern.

 

Taking this correction into account, analysts used Fibonacci levels to gain further insights into the outcome. By using trend - based Fibonacci retracements, analysts predicted that Dogecoin could retrace to $0.213, as this price mark closely aligns with the 0.382 Fibonacci retracement of the recent peak in December.

 

Similarly, the 0.618 Fibonacci retracement level, calculated from the Wave 4 low to the Wave 5 peak, indicates a target of $0.235. The green - boxed area between these two levels is highlighted as a potential liquidity zone before the next bullish leg.

 

If such a correction occurs, it doesn't necessarily mean the end for Dogecoin. This is because the meme token has repeatedly returned to the 0.382 level in past market cycles before surpassing its all - time highs. Therefore, a repetition of this behavior could lay the groundwork for the Dogecoin price to rise again over a longer period, eventually breaking through $0.73 to reach a new all - time high.

 

When analyzing the current price action, analysts identified the Wyckoff Distribution Schematic 2 as the primary pattern for Dogecoin. This method divides market movements into phases (a to e) to predict price behavior. According to the analysis, Dogecoin is transitioning through these phases and is expected to enter Phase E by January 23, 2025.

 

A further examination of the 4 - hour chart reveals an ABC corrective pattern, with Wave C expected to mirror the decline of Wave A. Analysts calculated that this decline exactly matches the 0.382 Fibonacci target of $0.213. By using additional Fibonacci retracements and extensions, short - term support and resistance zones were determined, further reinforcing the liquidity zone between $0.213 and $0.235. Based on this, analysts predicted that the Dogecoin price would bottom out between January 30 and February 3, 2025, before shifting to a bullish trend.

 

Looking ahead, analysts stated that Dogecoin is building momentum for a significant rally once the correction is completed. Notably, analysts predicted that once the correction is finished, Dogecoin will rebound and reach $1.9.