Dogecoin has continued its weekly decline into the past 24 hours, with the price action looking like a continued consolidation below $0.35, at least in the next few days. However, bullish sentiment continues to linger for Dogecoin, and technical analysis suggests that the meme coin is still on track to reach new all-time highs this cycle.
According to crypto analyst @btcbalo, on social media platform X, Dogecoin is still in the midst of a bullish phase in the Elliott Wave cycle, and the final 5th wave has not yet been completed. This means that the meme coin could see another surge before reaching its peak in the current cycle.
Dogecoin’s Elliott Wave Structure: Why The 5th Wave Matters
The Elliott Wave theory is a widely used technical analysis pattern that identifies five-wave impulse patterns in price trends, with the 5th wave typically marking the final push in an upward trend before a corrective phase begins.
Sharing his insights on social media platform X, @btcbalo emphasized that Dogecoin’s 5th wave remains incomplete, suggesting that the price still has room to climb before entering a downward correction. His analysis was accompanied by a monthly candlestick timeframe chart, which provided a long-term view of Dogecoin’s price structure. The chart revealed that DOGE has been following the Elliott Wave pattern since 2017, with each impulse wave unfolding over multiple years.
Based on this analysis, Dogecoin’s 5th wave likely began in late 2023, marking the start of what could be a multi-year bullish phase before a larger corrective move takes place. If the wave count holds true, DOGE may continue to grind higher gradually throughout 2025, possibly extending its gains well into 2026 before completing the cycle.
How High Can DOGE Go Before The Cycle Ends?
Elliott Wave projections indicate that the 5th wave often surpasses the 3rd wave’s peak, meaning Dogecoin could be headed toward a new all-time high. Notably, the 3rd wave peaked at the asset’s current all-time high of $0.7316, which would be the most significant resistance to overcome.
While @btcbalo did not provide an exact price target, projections on the chart put the Dogecoin peak somewhere around $5. After reaching this price target, the Elliott ABC corrective phase is expected to start. With this in mind, @btcbalo cautioned that the bear market after Dogecoin’s price peak could be severe, warning traders against excessive greed. His analysis suggests that following its projected $5 peak, the meme coin could experience a sharp correction and fall back to $0.20 as the market enters a bearish phase.
At the time of writing, Dogecoin is trading at $0.3265, reflecting a 0.8% decline in the past 24 hours and a 6.4% drop over the last seven days. If the projected rally materializes and DOGE reaches the $5 mark, this would represent an increase of about 1,430% from its current price.
Featured image from iStock, chart from Tradingview.com
