Despite the recent slide, the broader sentiment around Dogecoin (DOGE) remains bullish, with technical analyses pointing to potential record-breaking highs
Dogecoin (CRYPTO: DOGE) has been enduring a rough patch lately, with its price dipping over 7% in just 24 hours and falling 15.10% over the past week. Currently trading at $0.3013, the meme coin appears to be stuck in a consolidation phase below $0.35.
Despite the recent slide, the broader sentiment around Dogecoin remains bullish, with technical analyses pointing to potential record-breaking highs in the near future. According to crypto analyst BALO on X, DOGE is still riding a bullish wave within the Elliott Wave cycle. This theory identifies price trends in five waves, with the fifth wave typically marking the final upward push before a corrective phase kicks in.
As per BALO, DOGE’s 5th wave isn’t done yet, signaling more room for growth before the inevitable downturn. His analysis, showcased with a monthly candlestick chart, highlights that DOGE has followed this wave pattern since 2017, with each impulse phase stretching for several years.
Dogecoin's 5th Wave and Future Impact on Price: The fifth wave likely kicked off in late 2023, setting the stage for what could be a prolonged bullish run extending into 2025 and possibly even 2026. Elliott Wave projections suggest that the fifth wave usually surpasses the third wave’s peak. For DOGE, that means breaking past its all-time high of $0.7316, which has served as a significant resistance level.
While BALO didn’t specify an exact price target, his chart points to a potential peak around $5. If the cryptocurrency reaches this milestone, it would represent a staggering 1,561% increase from its current price. However, traders are being cautioned. After this peak, the Elliott ABC corrective phase is expected to trigger a severe downturn, potentially dragging Dogecoin back down to $0.20 as the market shifts bearish.
Comparing Past and Future Bull Cycles: Adding to the optimistic projections, another analyst, known as “Dogecoin Rise” on X with 432K followers, predicts an even more dramatic surge. Drawing from historical patterns, this analyst suggests Dogecoin could skyrocket by 8,076% during the 2024-2025 bull phase.
The prediction is based on Dogecoin’s six-month chart, which mirrors consolidation and breakout cycles from past bull runs. For context, DOGE surged 3,284.93% during the 2015-2018 cycle, reaching $0.01838. It then exploded by 8,025.24% between 2018 and 2021, hitting its current all-time high of $0.72995.
If history repeats itself, DOGGE might target prices between $8.32 and $20.67, translating to gains of 3,223% to 8,076%. Even in a worst-case scenario, “Dogecoin Ris” believes it could still reach $8.
