Dogecoin Price Forecast: Possible Surge to $1.9 and Beyond
In recent crypto market discussions, Dogecoin, the leading meme-based cryptocurrency, is gaining attention with predictions indicating a potential price breakout. Market analysts are suggesting that Dogecoin might be on the verge of an upward trajectory, possibly reaching a target of $1.9. This optimistic forecast aligns with the completion of a complex WXY corrective pattern on Dogecoin’s chart, hinting at the end of its current consolidation and downtrend phase.
Anticipated Dogecoin Price Surge to $1.9
Renowned TradingView analyst, known as HodlAhmad, has unveiled a bullish outlook for Dogecoin, forecasting a significant move past the $1 mark, with potential growth up to $1.99 in the forthcoming months. With Dogecoin currently valued at approximately $0.17, this prediction represents an impressive potential increase of over 1,071%.
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The analysis suggests that Dogecoin’s recent price activity has concluded a notable WXY corrective pattern, succeeded by an ABCDE triangle. This formation often indicates the cessation of a larger Wave 2 correction, setting the stage for a powerful impulsive move. In this context, it marks the anticipated commencement of Wave 3, recognized as one of the longest and most influential waves in the Elliott Wave cycle.
Potential for Further Price Growth
Upon the conclusion of Wave 2, HodlAhmad emphasizes that Dogecoin may now be entering the fast-paced sub-wave 3 of Wave 3, a phase renowned for its vigorous expansion and strong momentum. This stage is typically one of the most aggressive in the Elliott Wave pattern, historically resulting in substantial gains during bullish trends.
According to Fibonacci Extension levels on the price chart, the analyst predicts a rally to the 2.618 Fib level near $1.99, with the possibility of reaching $2.72 at the 3.618 extension should the bullish trend persist. Achieving this upper target at $2.72 would signify a remarkable 1,500% increase from the current market price of Dogecoin.
Analyst Introduces 32RR Dogecoin Trading Strategy
To leverage the anticipated breakout to $1.99, HodlAhmad has proposed a strategic trading setup for DOGE, identifying an entry zone between $0.154 and $0.172. This range is supported by critical Fibonacci Retracement levels at 78.6% and 6.18%, alongside previous breakout structures, establishing it as a robust demand zone for accumulation.
The trading strategy includes a stop loss placed around $0.110, a level that, if breached, could negate Dogecoin’s current bullish wave count. The setup’s validity is further supported by a 24-hour trading volume exceeding $616.43 million, highlighting strong market engagement just above the stop-loss threshold.
From this base, price targets are incrementally set higher, starting with $1.27 at the 1.618 Fib extension, moving to $1.99 at the 2.618 Fib, and potentially reaching $2.72 at the 3.618 extension. Dubbed the “32RR trade” by the TradingView analyst, this setup offers a substantial risk-to-reward ratio for traders looking to capitalize on the projected price surge.
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