The latest Dogecoin price prediction indicates that this top-ranked meme coin may be poised for a significant breakout above the target level of $1.9. As this bullish prediction is released, the complex WXY corrective pattern on the Dogecoin chart has completed, signaling that its current consolidation phase and downtrend may soon end.
Dogecoin price is about to rise to $1.9
TradingView cryptocurrency market analyst HodlAhmad predicts that Dogecoin will experience significant positive news, forecasting that the meme coin will eventually break through the $1 barrier and could rise to $1.99 in the coming months. Given that Dogecoin is currently priced at $0.17, this prediction would imply a strong increase of 1,071%.
According to the analyst's chart report, Dogecoin's price action has just completed a clear WXY corrective pattern, followed by an ABCDE triangle—indicating that a larger second wave correction may have ended. This pattern is typically a precursor to strong impulsive movements, in this case signaling that the third wave may begin, which is regarded as one of the longest-lasting and strongest waves in the Elliott Wave cycle.
HodlAhmad emphasizes that after the completion of the second wave, Dogecoin may be entering the third sub-wave of the third wave, a phase known for its rapid expansion and strong momentum. This phase is considered one of the most aggressive parts of the Elliott Wave pattern, historically achieving the most significant gains during bull market cycles.
Based on the Fibonacci extension lines displayed on the price chart, analysts predict that if bullish momentum continues, Dogecoin could rebound to the 2.618 Fibonacci extension near $1.99, and may even rise to around $2.72 at the 3.618 Fibonacci extension. Notably, reaching the upper target of $2.72 would represent a strong increase of 1,500% from Dogecoin's current market price.
Analysts reveal the 32RR Dogecoin trading setup
To seize the opportunity for a breakout to $1.99, HodlAhmad has devised a Dogecoin trading strategy with an entry target range of $0.154 to $0.172. This range is supported by the 78.6% and 6.18% key Fibonacci retracement levels as well as previous breakout structures, making it a strong accumulation demand zone.
The analyst has set the stop-loss level for this trade at around $0.110; if it falls below this level, the current bullish impulse wave count for Dogecoin may become invalid. Under this setup, the 24-hour trading volume marked at the bottom of the chart exceeds $616.43 million, adding weight to the current accumulation area, suggesting strong participation above the stop-loss level.
On this basis, the target price is gradually raised, with the 1.618 Fibonacci extension set at $1.27, the 2.618 Fibonacci extension set at $1.99, and the 3.618 Fibonacci extension set at $2.72. TradingView analysts refer to this setup as '32RR trading', which has a significant risk-reward ratio for traders building positions in anticipation of price increases.
