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Dogecoin's path correction nears its end, with analysis indicating a rise of 2,270%

The downward trend of Dogecoin seems to be nearing its end, according to recent analysis indicating the likelihood of a trend reversal. Since the beginning of the year, Dogecoin has undergone a significant decline, making it one of the worst-performing cryptocurrencies compared to other major assets.

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However, renowned analyst CryptoELITES anticipated an imminent recovery for the coin. In a recent post on platform X, he noted that Dogecoin is preparing for a significant upward move, setting the next target at $5.


Will Dogecoin see a significant rise?

CryptoELITES argues that Dogecoin is poised for significant gains, targeting a price of $5 as a new goal. He explained that the coin is nearing a retest of a bullish structure, which could lead to this massive jump of 2,270%.

The attached chart shows that DOGE emerged from a 'cup and handle' pattern in November after a strong rally that pushed it to a monthly high of $0.4804. However, the coin has since retraced and entered a stage of consolidation, perhaps to retest the breakout level before resuming the upward trend.

Upcoming price targets for Dogecoin

The analyst confirmed that a trend reversal is imminent and outlined three targets for the anticipated upward movement:

1. An increase of 255% to $0.75, surpassing the highest level the coin achieved in 2021.

2. Continued rise to $1.5, consistently surpassing the previous peak.

3. Dogecoin reaching $5, reflecting a jump of 2,270% from its current price, upon fully breaking the cup and handle pattern.

More optimistic predictions for Dogecoin's price

On the other hand, analyst Trader Tardigrade sees the $5 prediction as conservative compared to Dogecoin's upside potential. In another post, he predicted a stunning increase of 4,640%, bringing Dogecoin's price to $10 during this cycle.

He pointed out that Dogecoin follows a cyclical pattern characterized by a major decline followed by a huge surge. He explained that the coin experienced declines of 60% in 2017 and 56% in 2021, but then surged by 8,900% and 30,500% respectively.

Currently, Dogecoin has completed a 57% retracement from its January peak and has retested breakout levels, indicating readiness for an unprecedented upward phase. According to the attached chart, the next target is $10.

Other analysts are optimistic about Dogecoin's future

In addition to these analysts, many experts remain optimistic about Dogecoin despite its recent poor performance, citing increased institutional adoption and the coin's historical performance.

For example, analyst Dima Potts predicted a massive increase of 21,227% for Dogecoin, reaching a price of $45, pointing to the recurrence of previous price patterns, along with increasing technological development and growing adoption of the coin.

Analyst XForceGlobal also noted that Dogecoin still has room to grow by 5-10 times during this cycle, predicting that the price will reach $9 based on the fifth wave of the Elliott Wave structure extending over several years.

Challenges facing Dogecoin

However, Dogecoin faces significant challenges, as network activity has declined sharply, with the number of transactions and active whales dropping to their lowest levels in months amid a cautious market.

Currently, Dogecoin is trading at $0.211, showing little change from its closing price yesterday.

Disclaimer: This information is for informational purposes only and should not be considered financial advice. The opinions expressed in this article reflect the author's views and may not represent the opinion of The Crypto Basic website. Readers are advised to conduct their own research before making any investment decisions. The site is not responsible for any financial losses.

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