A storm brews in the cryptocurrency realm as Dogecoin navigates turbulent waters

This decline accompanies a broader market downturn, exacerbated by the notorious Bybit hack.

The storm clouds gathered in the cryptocurrency realm as Dogecoin slipped 7% in the past 24 hours to trade at $0.175 on Thursday, following a broader market downturn and the notorious Bybit hack.

North Korean hackers attributed to the hack have managed to launder $300 million from a total loot of $1.5 billion, sending deeper ripples through the crypto community.

However, amidst the chaos, a well-regarded analyst, known by the moniker EWT and renowned for his mastery of Elliot Wave Theory, predicts a luminous future for Dogecoin.

EWT discerns the faint outline of an upward trajectory, a promise of ascension towards the stratosphere, with his optimistic predictions placing the coin at a height of $8.50—an astonishing 4,250% uplift from current levels.

The essence of EWT’s methodology lies in spinning tales from past patterns, weaving an ambitious tableau for Dogecoin. He identifies the current phase as merely the nascent wave in a series that could see DOGE crest beyond $8. The conviction in his forecast stems from meticulous charts that trace its flight over the past 18 months.

This optimism sparkles in the shadows of a lackluster 2025, a year that started with a promising rally yet faltered as months unfurled. Nonetheless, glimmers of hope abound for the coin, as technical indicators now hover in oversold territory.

Dogecoin’s Relative Strength Index (RSI), a reliable harbinger of potential shifts, stands at a low 25, depicting a market oversold and primed for reversal.

Moreover, a telltale sign emerges as DOGE’s 30-day moving average slips beneath its 200-day counterpart—an event investors traditionally interpret as a precursor to resurgence.

As the market spotlight continues to burn brightly on Dogecoin, the potential for recovery is a subject of great interest and speculation.

With volatility as their canvas and analysis as their brush, the few daring enough to venture into this domain of myth and market reality are poised to seize the moment should Dogecoin ascend the rungs of its forecast climb. For now, the tumultuous waves continue to test the resilience of the meme coin.