Convergence

Dogecoin

Big Mike

Divergence

In a recent technical <a href="https://x.com/Michael_EWpro/status/1806404600762699860" target="_blank" rel="noopener nofollow">analysis</a> by popular crypto analyst Big Mike (@Michael_EWpro), the likelihood of a substantial rise in Dogecoin (DOGE) has been spotlighted. Employing a blend of Elliott Wave theory, Fibonacci retracement levels, and crucial indicators such as the RSI and MACD, the analysis presents a bullish scenario that could greatly influence Dogecoin’s market stance. 
<h2 id="why-dogecoin-could-skyrocket-by-440">Why Dogecoin Could Skyrocket By 440%</h2> 
The three-day chart for Dogecoin, as traded on Binance, exhibits a complex structure that suggests the application of Elliott Wave theory, which is essential in predicting price movements based on investor psychology and momentum. The chart indicates the end of a corrective phase and the start of a potential <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-6150-rally-to-7-5/" target="_blank" rel="noopener ">strong bullish trend</a>. 
<img loading="lazy" decoding="async" class="wp-image-626856 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/GRGjYAzXkAABSbh.jpg?resize=3446%2C1828" alt="Dogecoin price analysis" width="3446" height="1828" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/GRGjYAzXkAABSbh.jpg?resize=3446%2C1828?w=3446 3446w, https://www.newsbtc.com/wp-content/uploads/2024/06/GRGjYAzXkAABSbh.jpg?resize=3446%2C1828?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/GRGjYAzXkAABSbh.jpg?resize=3446%2C1828?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/GRGjYAzXkAABSbh.jpg?resize=3446%2C1828?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/GRGjYAzXkAABSbh.jpg?resize=3446%2C1828?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/GRGjYAzXkAABSbh.jpg?resize=3446%2C1828?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/06/GRGjYAzXkAABSbh.jpg?resize=3446%2C1828?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/GRGjYAzXkAABSbh.jpg?resize=3446%2C1828?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/06/GRGjYAzXkAABSbh.jpg?resize=3446%2C1828?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
The Elliott Wave pattern on the chart pinpoints several crucial phases. Wave 1 began at a base level below $0.08, marking the onset of bullish momentum and peaked at $0.2196. 
Following this, the chart shows a corrective phase characterized by an A-B-C pattern. This pattern is key in Elliott Wave theory, representing a market correction after an initial price surge. Here, Wave A starts the <a href="https://www.newsbtc.com/analysis/doge/dogecoin-bears-return-0-1220/" target="_blank" rel="noopener ">correction</a> with a downturn to $0.1189, followed by a slight upward retracement in Wave B to $0.17, and then a more significant decline in Wave C, setting the stage for the completion of Wave 2. 
This corrective phase is vital as it sets up the foundation for the anticipated bullish Wave 3. However, Big Mike predicts wave 2 could push the Dogecoin price down to $0.1032 (which represents the peak of a superior wave 1) before the onset of wave 3. 
The Fibonacci retracement tool is employed to identify potential future support or resistance levels. In this analysis, the 0.618 Fibonacci level at $0.2196 is particularly significant as it marks the peak of wave 1 and a strong resistance point that could influence future price reversals. 
The analysis also identifies potential long-term resistance levels at 1, 1.414, and 1.618 Fibonacci extensions, priced at $0.3208, $0.4839, and $0.5925 respectively. These levels could play crucial roles if the bullish Wave 3 unfolds as anticipated. 
Historically, the third wave in Elliott Wave theory is often the most dynamic and extensive, indicating substantial bullish potential for DOGE. This wave aims to challenge and possibly surpass <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-rapid-accumulation/" target="_blank" rel="noopener ">long-term resistance levels</a>. Big Mike speculates that wave 3 could reach near the 1.414 Fibonacci extension level. 
A potential Wave 4 might see a pullback to $0.3208 (1.0 Fibonacci level), while Wave 5 could drive the Dogecoin price to $0.6723, representing a 440% increase from current levels. Notably, this is also the peak for the superior wave 3. 
The Relative Strength Index (RSI), currently below 50, suggests a neutral stance for DOGE, indicating potential for upward movement as market sentiment shifts towards buying. The Moving Average Convergence Divergence (MACD) is nearing a bullish crossover, often signaling increased bullish momentum. This indicator is pivotal as it may validate the onset of the strong upward trend projected. 
At press time, DOGE traded at $0.1248. 
<img loading="lazy" decoding="async" class="wp-image-626857 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-28_09-36-23.png?resize=3628%2C1675" alt="Dogecoin price" width="3628" height="1675" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-28_09-36-23.png?resize=3628%2C1675?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-28_09-36-23.png?resize=3628%2C1675?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-28_09-36-23.png?resize=3628%2C1675?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-28_09-36-23.png?resize=3628%2C1675?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-28_09-36-23.png?resize=3628%2C1675?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-28_09-36-23.png?resize=3628%2C1675?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-28_09-36-23.png?resize=3628%2C1675?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-28_09-36-23.png?resize=3628%2C1675?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-28_09-36-23.png?resize=3628%2C1675?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Dogecoin To The Moon? Crypto Analyst Predicts 440% Price Increase

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