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A new card shared by BigMike7335 (@michael_ewpro) through X suggests that Dogecoin could be on the point of a strong bullish wave that aims at $ 2.43. His analysis is based on Elliott’s theory of waves, which divides market movements into impulsive units and corrective phases. According to this point of view, the historical event of doge from about $ 0.0020 to its previous peak near $ 0.68 took place in five distinct waves, labeled as Wave 5 (A). This race has monitored the levels of extension of key fibonacci, including region 2,618 about $ 0,14591 and 3.618 near $ 0,68835, confirming a solid impulsive phase.
Wave C could bring dogecoin to $ 2.43
Once Doge has reached its maximum of about $ 0.68, the graph shows a significant period of multi-mese consolidation that the analyst interprets as a Wxy corrective move, including wave (B). This aligns with the concept of Elliott according to which once a five -wave impulsive sequence is completed, the market is likely to enter a corrective structure that can be formed in many forms, including apartments, zigzags or more complex “double” and “models” Tripli “like the W – X -y has indicated here.
During 2022 and until 2023, the price of Dogecoin remained in this corrective interval, a phase that is also highlighted by the Ichimoku cloud that hovers above and around the price action. Traders often interpret the presence of the Ichimoku cloud as a side of lateral or an uncertain moment, which is exactly what a correction of the wave B generally represents.
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In November 2024, the Dogecoin broke over a descending trend line that limited the maximum price of all times for more than 3.5 years since 2021. However, the momentum was lost in the following months. From December, the graph reveals that Dogecoin has started to compress within a recognizable formation that could be seen as a triangle or a wedge.
This form is often seen in the markets while the price approaches a balance point before bursting. The “top tl” (top trendline), which had previously acted as resistance during the decline, is now observed closely as a potential level for a support/resistance reversal. Big Mike observed that doge “seems to be about to repeat the upper TL test for AS/R Flip”, which implies that a successful grip above this trend line could confirm the end of the wave (B) e the beginning of the next impulsive phase.
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In the terminology of Elliott’s waves, if an impulsive five -wave impulsive passage is labeled and the subsequent correction is labeled (B), the next impulsive structure is generally labeled (C). In the shared graph, Big Mike designs that this wave (C) could push Dogecoin up to $ 2.43, a figure that corresponds to another significant Fibonacci reference around $ 2.36 to $ 2.43. Traders and analysts often look at the retracing and extensions of Fibonacci to evaluate the potential levels of support and resistance and, in the analysis of the Elliott waves, these relationships can help identify the possible final points of the larger waves.
The graph also indicates $ 0,15247 as a key level lower than the current trading prices. If Doge sees a pulcback in this area, it could confirm that the test of the test line test is ongoing. A rebound of this level could indicate that the wave (c) is starting, while a break below it could invalidate or postpone the upper scenario.
At the time of the press, Doge exchanged $ 0.25.
First floor image created with Dall.e, graphic designer by tradingview.com