Crypto analysts are optimistic about Dogecoin's future price movements. They anticipate its mid-term targets to be between $2.2 and $3.46. According to the Elliott Wave Theory, Dogecoin is currently in wave 3, which indicates a potential for significant price growth.
Analyst Hov highlights that Dogecoin has shown a 690% rally recently, attributing its current progression to a critical macro entry point. As per Hov's analysis, the third wave in Elliott Wave Theory is typically the strongest, renowned for its bullish nature. This sets Dogecoin for a notable price uptrend.
Remarkably, Dogecoin recently broke free from a prolonged consolidation phase, emerging from a key support zone around $0.27. Hov believes Dogecoin could potentially hit an ultimate target of $4.2 if bullish sentiment persists, implying a 976% rise from its current price.
Additionally, another analyst, Trader Tardigrade, has outlined prospective local tops for Dogecoin, noting the meme coin's historical pattern of doubling its price with each local peak. Dogecoin has reached milestones such as $0.11, $0.22, and $0.44, doubling each time within the past year.
According to Trader Tardigrade, this 2X pattern is expected to persist, with projected local tops at $0.88 by April 2025 and $1.76 by July 2025. Ultimately, the analyst forecasts Dogecoin may hit $5 as it continues to follow this bullish trajectory.
