Dogecoin Price Prediction: Analyst Targets $2.2-$3.46 as Wave 3 Progresses
A recent prediction by a crypto pundit has Dogecoin holders excited about the meme coin’s future. According to this analyst, Dogecoin’s price rally is far from over, with mid-term targets ranging from $2.2 to $3.46 on the horizon. The basis for this forecast lies in the Elliott Wave Theory, specifically the current wave 3 that Dogecoin finds itself in.
This wave theory indicates that Dogecoin is primed for a significant price surge, with the current price action reflecting a strong momentum. The third wave, according to the Elliott Wave Theory, is often the most powerful and bullish, suggesting good things ahead for Dogecoin holders.
The price chart analysis shows that Dogecoin recently broke out of a consolidation phase around $0.27, signaling the start of its third wave and sparking hopes of reaching those macro targets set between $2.2 and $3.46. The more optimistic forecast from this analyst suggests that Dogecoin could even hit $4.2 if the bullish momentum continues, representing a whopping 976% surge from its current value.
Another analyst, going by the name of Trader Tardigrade, has shared insights on Dogecoin’s local tops as it approaches the $1 mark. This analyst notes that Dogecoin has historically doubled in value after reaching local market tops, showcasing a 2X relationship that has played out over the past year.
Using previous price data, Trader Tardigrade highlighted examples of this pattern, such as a local top of $0.11 in October 2023 leading to a subsequent peak of around $0.22 in April 2024. Following a similar trajectory, Dogecoin saw another double in price around October of this year, hitting a local peak of roughly $0.44. These patterns suggest a potential trend for Dogecoin’s future price movements as it works its way towards new milestones.
