Dogecoin Price Prediction: Analyst Sets $2.2-$3.46 Target as Wave 3 Progresses
A cryptocurrency expert believes that the Dogecoin price rally still has room to grow, with projected mid-term targets ranging between $2.2 and $3.46 for the popular meme coin. Using the Elliott Wave Theory, Dogecoin is currently riding wave 3 and poised for a substantial price increase.
Hov, a crypto analyst on X, shared insights into Dogecoin’s future price movements based on the Elliott Wave Theory and recent price trends. The meme coin has seen a remarkable 690% surge since hitting a key macro entry point.
In Elliott Wave Theory, wave 3 is typically a strong uptrend phase, known for robust price growth. Considered the most bullish wave in the sequence, wave 3 often leads to significant price gains, as illustrated in Hov’s chart analysis for Dogecoin.
The chart indicates that Dogecoin has broken out of a consolidation phase near $0.27 and is embarking on the third wave, with a potential target between $2.2 and $3.46. However, if the bullish momentum continues, Dogecoin could skyrocket to $4.2, requiring a staggering 976% surge from its current value.
In another analysis, crypto analyst Trader Tardigrade highlighted the upcoming local tops for Dogecoin as it inches closer to the $1 milestone. History shows that Dogecoin has achieved multiple local peaks over the past year, each time doubling in value from the previous top.
For instance, Dogecoin hit a local top of $0.11 in October 2023, only to double to around $0.22 in April 2024. Following the same pattern, Dogecoin recently reached a local peak of roughly $0.44 in October this year, signaling a potential doubling from the previous high.
As the crypto market continues to evolve, investors are closely monitoring Dogecoin’s price movements, anticipating further growth based on expert analysis and market trends. Stay tuned for updates on Dogecoin’s journey in the dynamic world of cryptocurrency.
