The top meme coin could see a big price increase next year. Specifically, Dogecoin could skyrocket as one analyst predicts $1 DOGE could be reached by 2025. Technical analysis suggests that the token will benefit from the upcoming bull run rooted in the Elliot Wave theory.
Dogecoin has certainly had a rough month. Over the past 30 days, the meme coin has lost nearly 20% of its value, according to CoinMarketCap. What’s more, it’s currently trading at $0.12, with many concerned about when that could turn around. However, some experts are preparing for a major rally for the top altcoin.
Will Dogecoin Rise to $1 Next Year?
Cryptocurrency analyst Big Mike has claimed Dogecoin will skyrocket to $1 by 2025, according to Trading View report His analysis was shaped by the most recent bull run, when DOGE completed a 5-wave Elliott wave pattern. That saw DOGE reach a price above $0.70.
The aftermath of the rally was a period of strong correction for the entire market. Dogecoin was affected as much as other cryptocurrencies. However, Big Mike noted that the token has entered a new 5-wave pattern since the beginning of 2023. This new formation has analysts expecting much higher prices when it enters the next iteration of this pattern.
DOGE is currently at the beginning of its third wave. Typically, this is the most dynamic and longest wave. This is especially true when the context of the wave is bullish in nature. The analysis expects the third wave to peak at $0.60 or the meme coin.
While the ascending channel that took Dogecoin down to $0.20 in wave 4 is expected, it is the next wave that is really interesting. Big Mike notes that this will take DOGE past $1. However, the token will have to face a number of key levels to solidify that expectation.
For those of you who say DOGE is boring – for the most part, you’re right.
It’s spent ~9.5 years of its existence trending sideways or down. The other 1 year? It had one run that pumped ~6000% from the lows and another that pumped more than 30,000%.
The… pic.twitter.com/523tqCMBdC
— KALEO (@CryptoKaleo) June 25, 2024
Big Mike is certainly not alone, as another analyst has predicted the price of DOGE to rise to $2 next year. Kaleo Crypto Analyst recently predicted that Dogecoin would benefit from a “pre-meme supercycle” that would take Dogecoin well above the dollar. His forecast stated that “we likely have a little while to prepare before that happens.”
