A recent technical analysis of Dogecoin’s price chart on the weekly candlestick timeframe has revealed a compelling outlook for the meme coin’s long-term trajectory. According to the analyst, Dogecoin is currently the only meme coin capable of delivering a 5-10x return. The prediction is rooted in the analysis of Dogecoin price action using the Elliott Wave theory, with a detailed count of impulse waves indicating that the meme coin is currently in a significant macro uptrend phase.
Dogecoin’s Fifth Impulse Wave And Its Sub-Wave Structure
This Elliott Waves technical analysis, which was noted on social media platform X by crypto analyst XForceGlobal, shows that Dogecoin is currently in the fifth and final impulse wave of a multi-year macro Elliott Wave structure. This macro wave sequence consists of five primary impulse waves, with each wave playing out over several years. The ongoing fifth wave, which began in mid-2024, is expected to continue its course for the next few years.
Interestingly, the technical analysis shows that this ongoing fifth Elliott wave is divided into sub-waves of uptrends and corrections. As such, the large fifth wave, which is always bullish, is going to be filled with notable periods of downtrend corrections, even if the general movement is upwards.
Dogecoin is currently within the third sub-wave of this larger fifth wave, which is also expected to be bullish. However, this third sub-wave itself contains multiple smaller sub-waves, and the meme coin is presently in the second corrective phase of this smaller sub-wave structure. This recent price consolidation and the correction trend that has persisted over the past eight weeks.
Short-Term Outlook And Expected Price Targets
As it stands, Dogecoin is in a sub-sub wave-2 formation in light of its decline from $0.48 since December 2024. Although the correction phase could continue in the short term, Dogecoin seems to have found support at $0.25, and the third impulse sub-sub-wave could begin anytime soon. Although the analyst did not note an exact target, his projections on the Dogecoin price chart put the price target of the third sub-sub-wave at around $1.7. This alone will see Dogecoin shooting above its current all-time high of $0.7316.
Looking further ahead, the broader third sub-wave of the ongoing fifth impulse wave is expected to push Dogecoin toward the $3.3 range. For the long-term macro outlook, the complete fifth impulse wave is projected to drive DOGE to approximately $6.5 in a multi-year rally in line with the Elliott Wave count. XForceGlobal noted that history plays a crucial role in minimizing the margin of error when identifying these long-term price targets.
At the time of writing, DOGE is trading at $0.2511, down by 0.47% in the past 24 hours. Reaching the projected $1.7, $3.3, and $6.5 targets will represent 577%, 1,215%, and 2,490% increases from the current price level.
Featured image from Unsplash, chart from Tradingview.com
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