Dogecoin has been struggling to regain momentum over the past few days after the crash. series of pullbacks This pushed the price back to around mid-$0.16. The overall market is also volatile, increasing pressure on Dogecoin.
despite this extension of bearish price action, A closer look at the higher time frame chart shows a structure that has not been invalidated by the recent decline. This is where XForceGlobal’s technical analysis comes in, claiming that Dogecoin is sitting in an “insanely bullish” long-term formation that is unfolding behind the scenes.
The 5-wave structure behind Dogecoin’s bullish setup
a Detailed technical analysis Shared by XForceGlobal on social media platform X claims that Dogecoin is nearing the final stage of Elliott wave formation. His interpretation points to the cycle target well above $1 and frames the ongoing price action as part of a fifth impulse wave development.
Related books
A chart shared by XForceGlobal outlines an ideal Elliott Wave cycle spanning almost a decade. Dogecoin has already completed the first four big waves at the macro level.
Technical analysis shows that the 5th wave technically began several months ago and that the bottom of the 4th wave will form in late 2023 to early 2024. However, due to the prolonged decline over the past few months, it is possible that we are still in a fourth wave rather than a fifth.
Despite the volatile price movements, analysis shows that the wave 4 lows are protected and the current price movement is still wave 5. This chart also shows how Dogecoin is distributed within a contraction structure, but the lows remain consistent.
Both scenarios visualized on the Dogecoin price chart still lead to new all-time highs after the rally Reopening for another strong push.
Why the next wave of Dogecoin will aim for $1
XForceGlobal noted that “the cycle target remains above $1,” a prediction supported by wave 5 geometry. This structure is similar to the same formation that highlighted Dogecoin’s massive expansion during earlier bull cycles, especially in 2017 and 2021. There is still room for distribution.
Related books
The current resistance zone is well below his expected fifth wave target zone and broader market structure. It shows that there is no violation of wave 4 level Must be kept for setup still valid.
The chart highlights potential pathways such as: pass first After hovering in the $0.33-$0.47 zone, it cleared the psychological threshold of $0.50 and eventually rose above the current high of $0.731 and further into $1 territory.
A full extension of the fifth wave from current levels would mean a target price near $1.768. At the time of writing, Dogecoin is trading at $0.1618.
Featured image from Peakpx, chart from Tradingview.com
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
