The chart shared by XForceGlobal outlines an idealized Elliott Wave cycle that stretches back almost a decade. Dogecoin has already completed the first four major waves on the macro level.
The technical analysis shows the fifth wave technically began months ago, with the fourth wave bottom forming sometime between late 2023 and early 2024. However, the prolonged pullbacks of the past few months introduce the possibility that the fourth wave may still be playing out, instead of the fifth wave.
Despite the choppy price action, the analysis shows that the fourth wave low is protected, and the current price action is still the fifth wave. The chart also shows how Dogecoin has been distributing within a narrowing structure, but the lows have consistently held.
A full extension of the fifth wave from present levels implies a price target around $1.768. At the time of writing, Dogecoin is trading at $0.1618.
