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Analyst Says Dogecoin Is Yet To Complete 5th Wave, Here’s How High It Must Go

Press Releases Crypto News Bitcoinist Analyst Says Dogecoin Is Yet To Complete 5th Wave, Here’s How High It Must Go

Dogecoin has continued its weekly decline into the past 24 hours, with the price action looking like a continued consolidation below $0.35, at least in the next few days. However, bullish sentiment continues to linger for Dogecoin, and technical analysis suggests that the meme coin is still on track to reach new all-time highs this cycle.

According to crypto analyst @btcbalo, on social media platform X, Dogecoin is still in the midst of a bullish phase in the Elliott Wave cycle, and the final 5th wave has not yet been completed. This means that the meme coin could see another surge before reaching its peak in the current cycle.

Dogecoin’s Elliott Wave Structure: Why The 5th Wave Matters

The Elliott Wave theory is a widely used technical analysis pattern that identifies five-wave impulse patterns in price trends, with the 5th wave typically marking the final push in an upward trend before a corrective phase begins.

Sharing his insights on social media platform X, @btcbalo emphasized that Dogecoin’s 5th wave remains incomplete, suggesting that the price still has room to climb before entering a downward correction. His analysis was accompanied by a monthly candlestick timeframe chart, which provided a long-term view of Dogecoin’s price structure. The chart revealed that DOGE has been following the Elliott Wave pattern since 2017, with each impulse wave unfolding over multiple years.

Based on this analysis, Dogecoin’s 5th wave likely began in late 2023, marking the start of what could be a multi-year bullish phase before a larger corrective move takes place. If the wave count holds true, DOGE may continue to grind higher gradually throughout 2025, possibly extending its gains well

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Author: Scott Matherson

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