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A cryptography expert suggested that the Dogecoin price rise is far from over, forecasting mid-term targets of between $2.2 and $3.46 for the dog-themed meme coin. According to its detailed price chart, Dogecoin is currently in wave 3 of the Elliott wave theory and is preparing for a significant price increase.
Analyst Predicts Dogecoin Price Macroeconomic Target
Hov, a crypto analyst at X (formerly Twitter), has discussed Dogecoin’s future price movements are based on Elliott Wave Theory and its current price action. The analyst noted that the meme coin has seen a remarkable 690% rebound since recently reaching a critical macro entry level.
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According to Hov’s graphical analysis, the Dogecoin Price Action Elliott is currently in the midst of its third wave, a phase often characterized by solid price growth. The third wave is generally considered the strongest of the five wave driving sequences of the Elliott Wave Theory and is also considered bullish.
THE price table shows that Dogecoin is entering its third wave after recently breaking out of an extended consolidation period at a critical support zone around $0.27. While Hov predicted a rise in macro targets between $2.2 and $3.46, the analyst also revealed that Dogecoin price could reach an ultimate target of $4.2 if it maintains strong bullish momentum. This substantial price increase would require Dogecoin to increase by 976% from its current value.
Analyst Reveals Dogecoin’s Upcoming Local Highs
While DOGE price is stable approaches the $1 markcrypto analyst Trader Tardigrade has released the next local highs for the number one coin. The analyst revealed that Dogecoin has successfully recorded several local market highs over the past year, following a substantial increase in prices. It also revealed that each local top had a 2X relationship, where the price of Dogecoin had doubled over the previous three local tops.
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According to the analyst’s chart, Dogecoin reached a local high of $0.11 in October 2023, jumping 2 times to reach another high of around $0.22 in April 2024. Interestingly, the even bullish pattern happened again around October this year, with the meme coin doubling its previous price to reach a local price peak of around $0.44 this month.
Based on this uptrend, where the price of Dogecoin has historically increased 2x at every local high, Trader Tardigrade predicts that the meme coin will continue this trend until it hits all-time high of $5. The analyst predicted that Dogecoin could reach its next local high at $0.88 by April 2025.
Additionally, around July 2025, the analyst predicts that Dogecoin will double again and surpass the $1 mark to reach $1.76. Until October 2025, the analyst also predicted that the price of Dogecoin should recover to $3.52.
Featured image created with Dall.E, chart from Tradingview.com
