A well-known crypto expert named Big Mike (@Michael_EWpro) has done a thorough technical analysis that suggests Dogecoin (DOGE) could see a big price increase soon. The study uses Elliott Wave theory, Fibonacci retracement levels, and key measures such as RSI and MACD to show that the DOGE market is likely to go up.
The study says that Dogecoin’s three-day chart on Binance shows a complicated Elliott Wave structure that points to the end of a corrective phase and the possible start of a strong rising trend. Big Mike talks about some important parts of the Elliott Wave pattern. For example, he says that Wave 1 began below $0.08 and reached its peak at $0.2196.
Dogecoin’s Potential In Elliott Wave Theory
After Wave 1, there was a corrective phase with an A-B-C rhythm. Wave A dropped to $0.1189, Wave B went back to $0.17, and Wave C dropped even more, preparing for Wave 2 to end. This phase is very important because it sets the stage for the expected rising Wave 3. Predictions say that the price could drop to $0.1032 before Wave 3 starts.
Important Fibonacci retracement levels, like the 0.618 level at $0.2196, show strong support that could affect how prices move in the future. Long-term barrier levels at Fibonacci extensions 1, 1.414, and 1.618, which are expected to be $0.3208, $0.4839, and $0.5925, could be very important if Wave 3 goes as planned.
According to Elliott Wave theory, the third wave is usually the most active. This means that DOGE has a lot of potential to go up. Big Mike thinks that Wave 3 might go past levels of resistance and hit somewhere near the 1.414 Fibonacci extension.
In the future, Wave 4 could cause a drop to the 1.0 Fibonacci level of $0.3208. Wave 5 could then push Dogecoin’s price to $0.6723, which would be a 440% rise from where it is now and the peak of Wave 3.
The Relative Strength Index (RSI) shows that the DOGE is in a neutral position, which means that it could go up if market mood changes in favor of buying. The Moving Average Convergence Divergence (MACD) is getting close to a positive crossover, which adds to the belief that the bullish trend will continue to grow.
If these signs are correct, Dogecoin’s price could be about to go through the roof, breaking all-time highs and changing its place in the cryptocurrency market.
