Crypto analyst EWT has made a bullish case for the Dogecoin price, predicting it could rally to as high as $8.5. His analysis explained why the foremost meme coin could reach such an ambitious price target.

In an X post, EWT predicted that the Dogecoin price could rally to $8.5. This prediction followed his analysis of DOGE’s daily chart, in which he claimed that the current price action shows that the meme coin is in a 1 to 2 subwave set-up, which increases the likelihood of a rally to $6.

Crypto analyst EWT has made a bullish case for the Dogecoin price, predicting it could rally to as high as $8.5. His analysis, which was shared with his X followers on Monday, explained why the foremost meme coin could reach such an ambitious price target.

Analyst Predicts Dogecoin Price Rally To $8.5

In his post, EWT predicted that the Dogecoin price could rally to $8.5. This prediction followed his analysis of DOGE’s daily chart, in which he claimed that the current price action shows that the meme coin is in a 1 to 2 subwave set-up, which increases the likelihood of a rally to $6. His accompanying chart showed that Dogecoin could correct to as low as $1.2 once it hits $6.

Following the corrective move to $1.2 in wave 4, Dogecoin would witness another impulsive move to the upside, which would send it to the $8.5 price target in Wave 5. The chart also suggested that the foremost meme coin could surpass the $8.5 price target and possibly reach double digits.

EWT had earlier told market participants to prepare for huge moves from the Dogecoin price this year while analyzing the meme coin on the higher timeframe. Back then, his accompanying chart showed that DOGE could reach $20 or even $45 if it got to the upper boundary of the ascending channel.

These targets hint that DOGE’s bull run isn’t over, seeing as the Dogecoin price could still reach a new all-time high (ATH) in this market cycle. The foremost meme coin is currently struggling to reclaim the psychological $0.2 level as support. However, crypto analysts like Trader Tardigrade have predicted that a bullish reversal could happen soon enough, sending the meme coin to new highs.

Another Ultra Bullish Outlook For DOGE

Crypto analyst DOGECAPITAL has also predicted that the Dogecoin price could rally above $10 in this market cycle. His latest analysis noted that DOGE’s weekly candle continues to hold above the same parallel line level, mirroring its behavior during the 2017 and 2021 cycles. The analyst remarked that once the meme coin’s bottom is fully confirmed, the second phase is expected to begin, marking a dramatic surge as Dogecoin moves toward the range between $2 and $5.

DOGECAPITAL stated that his target for phase 3 is the parallel red zone, which mirrors previous cycles where the Dogecoin price reached its peak before starting a new cycle. He noted that as of today, the bottom of that red zone sits at $26 and is gradually increasing over time due to the slope of the line. The analyst asserted that this represents his minimum target for this cycle.

At the time of writing, the Dogecoin price is trading at around $0.19, down in the last 24 hours, according to data from CoinMarketCap.