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In technical analysis, popular cryptocurrency analyst Big Mike (@Michael_EWpro) revealed an uptrend. Climate prediction For Dogecoin (DOGE), this suggests that the meme coin could break the $1 threshold in this bullish cycle. The Dogecoin price prediction is based on the Elliott Wave theory and is backed by a strong set of technical indicators that confirm the coin’s strong bullish potential.
The price of Dogecoin could reach more than $1 in 2025
The weekly chart (DOGE/USDT) highlights Dogecoin’s past market performance, as it completed a 5-wave Elliott wave pattern during the last significant uptrend. This pattern saw Dogecoin’s price rise to just over $0.70.
After this surge, the market entered a corrective phase characterized by the WXY pattern – a complex Elliott Wave corrective structure that typically consists of three distinct price movements. This corrective phase represents a period of consolidation and decline in Dogecoin’s price path after its peak.
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Since late 2023, according to Big Mike’s analysis, Dogecoin has been around I started On a new wave pattern consisting of five waves. This emerging formation is expected to push the price of Dogecoin significantly higher than its previous highs. The first wave pushed DOGE price to a peak just below $0.23. After that, the second wave began, triggering a pullback that brought the price down to $0.1140.
Analysis indicates that Dogecoin is currently going through the initial stages of the third wave of the Elliott wave pattern. Traditionally, the third wave is the most dynamic and usually extends the furthest, especially in a strong bullish context.
It is worth noting that Big Mike highlights the presence of Rising channel The start of wave 1 further confirms the bullish sentiment maintained in this analysis. This channel charts the likely path that Dogecoin may follow as it targets new highs. Wave 3 could culminate at the upper trend line of the channel, around $0.60.
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Wave 4 is likely to pull Dogecoin price to the lower bound of the ascending channel, around $0.25. This bounce would pave the way for wave 5, the peak phase of the Dogecoin bullish wave, which is expected to push DOGE above the $1 mark, coinciding with the upper resistance line of the channel.
The chart carefully defines critical Fibonacci extension levels which are plotted from the beginning to the peak of the last high. It is expected to play pivotal roles in determining future price points during… This bull is runningThe first notable Fibonacci extension is at 2.618 at around $0.14591, which acts as an intermediate stop within the bullish cycle. The 3.618 extension at $0.68835 acts as an intermediate target for the final fifth wave.
The visual volume profile (VPVR) range on the chart reveals that the current price area has a high concentration of trading volume, indicating that it is acting as a strong foundation for the current price level. The absence of significant volume above this area indicates minimal resistance, which could allow for a rapid price surge once Dogecoin breaks above current resistance levels.
Technical indicators such as the weekly Stochastic RSI and the weekly RSI support an imminent bullish phase. The Stochastic Relative Strength Index (RSI) is in the oversold zone, indicating a possible price recovery. Meanwhile, an uptrend in the RSI with higher lows indicates increasing upward momentum.
At press time, DOGE was trading at $0.1247.
Featured image created using DALL E, chart from TradingView.com
