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Analyst Says Dogecoin Could Be The Only Meme Coin For 5-10x, Here’s Why

8 months ago
in Bitcoin
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A latest technical evaluation of Dogecoin’s worth chart on the weekly candlestick timeframe has revealed a compelling outlook for the meme coin’s long-term trajectory. In response to the analyst, Dogecoin is at present the one meme coin able to delivering a 5-10x return. The prediction is rooted within the evaluation of Dogecoin worth motion utilizing the Elliott Wave principle, with an in depth depend of impulse waves indicating that the meme coin is at present in a big macro uptrend part.

Dogecoin’s Fifth Impulse Wave And Its Sub-Wave Construction

This Elliott Waves technical evaluation, which was famous on social media platform X by crypto analyst XForceGlobal, reveals that Dogecoin is at present within the fifth and last impulse wave of a multi-year macro Elliott Wave construction. This macro wave sequence consists of 5 main impulse waves, with every wave taking part in out over a number of years. The continuing fifth wave, which started in mid-2024, is predicted to proceed its course for the following few years.

Apparently, the technical evaluation reveals that this ongoing fifth Elliott wave is split into sub-waves of uptrends and corrections. As such, the big fifth wave, which is all the time bullish, goes to be full of notable intervals of downtrend corrections, even when the overall motion is upwards. 

DOGE in a last impulse wave | Supply: XForceGlobal on X

Dogecoin is at present throughout the third sub-wave of this bigger fifth wave, which can also be anticipated to be bullish. Nonetheless, this third sub-wave itself comprises a number of smaller sub-waves, and the meme coin is presently within the second corrective part of this smaller sub-wave construction. This latest worth consolidation and the correction pattern that has endured over the previous eight weeks.

Brief-Time period Outlook And Anticipated Worth Targets

Because it stands, Dogecoin is in a sub-sub wave-2 formation in gentle of its decline from $0.48 since December 2024. Though the correction part may proceed within the quick time period, Dogecoin appears to have discovered assist at $0.25, and the third impulse sub-sub-wave may start anytime quickly. Though the analyst didn’t notice an actual goal, his projections on the Dogecoin worth chart put the worth goal of the third sub-sub-wave at round $1.7. This alone will see Dogecoin taking pictures above its present all-time excessive of $0.7316.

Trying additional forward, the broader third sub-wave of the continuing fifth impulse wave is predicted to push Dogecoin towards the $3.3 vary. For the long-term macro outlook, the whole fifth impulse wave is projected to drive DOGE to roughly $6.5 in a multi-year rally in keeping with the Elliott Wave depend. XForceGlobal famous that historical past performs a vital function in minimizing the margin of error when figuring out these long-term worth targets.

On the time of writing, DOGE is buying and selling at $0.2511, down by 0.47% up to now 24 hours. Reaching the projected $1.7, $3.3, and $6.5 targets will characterize 577%, 1,215%, and a couple of,490% will increase from the present worth stage.

Dogecoin
DOGE buying and selling at $0.25 on the 1D chart | Supply: DOGEUSDT on Tradingview.com

Featured picture from Unsplash, chart from Tradingview.com



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Tags: 510xAnalystCoinDogecoinHeresMeme
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