Dogecoin Price Could See 4,250% Explosion To $8.5, Here’s Why
Crypto analyst EWT has made a bullish case for the Dogecoin price, predicting it could rally to as high as $8.5. His analysis explained why the foremost meme coin could reach such an ambitious price target.
Analyst Predicts Dogecoin Price Rally To $8.5
In an X post, EWT predicted that the Dogecoin price could rally to $8.5. This prediction followed his analysis of DOGE’s daily chart, in which he claimed that the current price action shows that the meme coin is in a 1 to 2 subwave set-up, which increases the likelihood of a rally to $6. His accompanying chart showed that Dogecoin could correct to as low as $1.2 once it hits $6.
Following the corrective move to $1.2 in wave 4, Dogecoin would witness another impulsive move to the upside, which would send it to the $8.5 price target in Wave 5. The chart also suggested that the foremost meme coin could surpass the $8.5 price target and possibly reach double digits.
EWT had earlier told market participants to prepare for huge moves from the Dogecoin price this year while analyzing the meme coin on the higher timeframe. Back then, his accompanying chart showed that DOGE could reach $20 or even $45 if it got to the upper boundary of the ascending channel.
Written By:
Scott Matherson
These targets hint that DOGE’s bull run isn’t over, seeing as the Dogecoin price could still reach a new all-time high (ATH) in this market cycle. The foremost meme coin is currently struggling to reclaim the psychological $0.2 level as support. However, crypto analysts like Trader Tardigrade have predicted that a bullish reversal could happen soon enough, sending the meme coin to new highs.
