Dogecoin has caught the eye of a crypto analyst, XForceGlobal, who believes it’s poised for a massive price surge. Their analysis suggests DOGE is the only meme coin with the potential for a 5-10x return. This prediction is based on Elliott Wave theory.
Elliott Wave Theory and Dogecoin’s Upward Trend
The analyst’s Elliott Wave analysis shows Dogecoin is in the final phase (fifth wave) of a long-term upward trend. This fifth wave, which started mid-2024, is expected to last several years. It’s important to note that even within this bullish trend, there will be periods of correction and price drops.
Breaking Down the Waves
The analysis further breaks down this fifth wave into smaller sub-waves, each with its own upward and downward movements. Currently, Dogecoin is in a corrective phase of a smaller sub-wave. This explains the recent price consolidation and eight-week correction.
Short-Term and Long-Term Price Predictions
Despite the current correction, the analyst sees support at $0.25. They predict the next upward movement (a sub-sub-wave) could take Dogecoin to around $1.7. This would surpass its all-time high of $0.7316.
Looking further out, the larger sub-wave is projected to push Dogecoin towards $3.3. Finally, the analyst’s long-term prediction for the entire fifth wave is a price of approximately $6.5, representing a multi-year rally. This would be a substantial increase from the current price.
Potential Returns and Current Price
Reaching these targets ($1.7, $3.3, and $6.5) would mean gains of 577%, 1215%, and 2490%, respectively, from the current price of around $0.25. The analyst emphasizes the importance of historical data in making these long-term predictions.
