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Dogecoin News: Analyst Sees Potential Surge to $1
In a striking analysis, Maelius (@MaeliusCrypto) has recently updated the DOGE/USDT chart on Binance, revealing that despite Dogecoin’s recent price dip, there is a technical setup that might drive the cryptocurrency towards the coveted $1 mark. This development comes as Dogecoin news continues to captivate investors and traders alike.
Current Market Conditions and Technical Analysis
After tracking every weekly candle since early 2021, Maelius pointed out that Dogecoin’s price has retracted to $0.1843 following a four-week decline from a March peak of about $0.26. This pullback has pushed the price back into a crucial green “demand” zone, ranging from $0.12 to $0.17. This area, previously a significant resistance through 2022-23, now serves as a strong demand base.
The price is currently squeezed between the 50-week exponential moving average (EMA 50, blue) at approximately $0.205 and the 200-week EMA (red) at $0.1415. A notable red trend-line, which has been tracking higher lows since late 2023, aligns closely with the 200-week EMA, reinforcing technical support around $0.15.
Elliott Wave Predicts Major Price Movements
Maelius’ analysis assigns the early March 2024 price spike to $0.23 as the primary wave 1, with a retreat to the October 2024 low near $0.12 marking the primary wave 2. The unfolding of the third wave appears to be in its initial stages. This setup, known in Elliott Wave terminology as a “1-2, 1-2” sequence, suggests a potent rally could be on the horizon, potentially reaching the third wave of the third wave, known for its dynamic price movements.
A projected path indicates a rise to $1.10, before a slight retraction to about $0.65, and a final fifth wave aiming for the $1.50 to $1.80 range.
Market Indicators and Future Outlook
The weekly WaveTrend Oscillator has shown promising signs, with both the fast and slow lines exiting the oversold region in April and now trending upwards, indicating a shift in momentum. This bullish signal is further supported by the histogram bars transitioning to light-grey, suggesting an easing of bearish pressure.
Dogecoin is currently poised at the upper boundary of the demand zone. A weekly close above the $0.205 mark could confirm bullish dominance and potentially lead to new highs around $0.26 and up to mid-$0.40s, observed in the December 2024 rally. However, a break below $0.14 could disrupt this bullish pattern and delay the anticipated Elliott wave progression.
As of the latest update, Dogecoin trades at $0.18. For more in-depth analyses and updates on Dogecoin and other cryptocurrencies, visit [Binance](https://www.binance.com/).
For further insights and continuous updates on financial news, keep an eye on [Financier News](https://www.financier.news/).
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