Dogecoin Price Roadmap To $0.75 ATH: Why The Next Wave Is Bearish And Could Drop To $0.15
23 December 2024 - 11:30PM
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Crypto analyst Behdark has provided an in-depth analysis of the
Dogecoin price roadmap to its current all-time high (ATH) of $0.75.
In his analysis, he explains why Dogecoin could still witness a
significant correction before it rallies to its current ATH.
Dogecoin Price Next Wave Is Bearish In a TradingView post, Behdark
stated that the Dogecoin price seems to be entering wave F, which
is a bearish wave. The crypto analyst noted that the previous
corrective waves of this diametric lasted between 196 and 347 days,
so this wave F is also expected to last between 196 and 347
days. Related Reading: Bitcoin $178K Target In Sight? Analyst
Highlights Bollinger Band Retest Mirroring Jan. 2024 Rally The
analyst’s accompanying chart showed that the Dogecoin price could
drop to as low as $0.15 on this wave F corrective move. Similar to
waves B and D, the analyst remarked that this corrective wave is
expected to be highly volatile. Based on the 196 to 347-day
timeline, this corrective wave might not end until sometime in
November 2025. Once the corrective wave F is done, the
Dogecoin price will transition to wave G. Behdark stated that Wave
G will be a bullish wave that might lead to a new ATH. The
accompanying chart showed that Dogecoin could reach around $0.8 on
this impulsive move to the upside. However, the much-anticipated
psychological $1 price level could still elude the foremost meme
coin. Meanwhile, the crypto analyst added that a weekly
candle below the invalidation level at $0.12 would invalidate the
buy outlook for the green zone between $0.15 and $0.20. Behdark’s
analysis provides a completely different perspective for the
Dogecoin price, considering that crypto analysts like Trader
Tardigrade have predicted that the meme coin could rally to double
digits before mid-2025. Behdark’s analysis also suggests that
the Dogecoin price is unlikely to reach $1 in this market cycle, a
target market participants have set their eyes on since the meme
coin began its parabolic rally between October and November.
Four-Year Cycle Still In Play Crypto analyst KrissPax provided a
more bullish outlook for the Dogecoin price, stating that the
four-year cycle is still in play. The analyst cited a historical
pattern in which Dogecoin took off in January 2021 after an uptrend
in late December 2020. He then raised the possibility of this
historical trend repeating itself again. Related Reading: XRP
Battles Critical $2.20 Support Level — Will It Target $2.70 Or Slip
To $1.96? Crypto analyst Master Kenobi had before now also
suggested that a Dogecoin price rebound was likely in January 2025
as he alluded to the historical pattern in the 2021 bull run. The
crypto analyst believes that Dogecoin could reach a new ATH around
Donald Trump’s inauguration, especially with the Department of
Government Efficiency (D.O.G.E) coming to life when Trump takes
office. At the time of writing, the Dogecoin price is trading
at around $0.31, down almost 2% in the last 24 hours, according to
data from CoinMarketCap. Featured image created with Dall.E,
chart from Tradingview.com
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