A crypto analyst on TradingView, HodlAhmad, predicts Dogecoin (DOGE) could skyrocket. They believe it’s poised for a massive price jump, potentially reaching $1.99.
A Bullish Prediction
HodlAhmad’s prediction is based on a technical analysis of Dogecoin’s price chart. They’ve identified a completed “WXY corrective pattern” followed by an “ABCDE triangle.” This, according to the analyst, signals the end of a downtrend and the beginning of a major upward movement.
Elliott Wave Theory
The analyst uses the Elliott Wave theory to support their prediction. They believe Dogecoin is entering “Wave 3,” a phase known for strong and rapid price increases. This wave is expected to be particularly powerful and long-lasting.
Price Targets and Fibonacci Levels
Based on Fibonacci extension levels, HodlAhmad predicts DOGE could hit $1.99 (2.618 Fib level). If the bullish momentum continues, it could even reach $2.72 (3.618 Fib level). That’s a potential increase of over 1500% from the current price!
A Detailed Trading Strategy: The “32RR Trade”
HodlAhmad also suggests a specific trading strategy to capitalize on this potential surge. They recommend buying DOGE between $0.154 and $0.172. This range aligns with key Fibonacci retracement levels and past breakout points.
Risk Management
A stop-loss order is crucial, and the analyst suggests placing it around $0.110. Breaking this level would invalidate the bullish prediction. The high trading volume around this level adds to its significance as a potential support zone.
Potential Profits
The proposed trade, called the “32RR trade,” aims for significant profits. The price targets are $1.27 (1.618 Fib), $1.99 (2.618 Fib), and $2.72 (3.618 Fib). The analyst believes this setup offers a favorable risk-reward ratio for traders.