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Cryptocurrency analyst Behdark provided an in-depth analysis of Dogecoin’s price roadmap to its current state All time high (ATH) From $0.75. In his analysis, he explains why Dogecoin could still see a significant correction before rising to its current ATH.
The next wave for Dogecoin price is bearish
In a TradingView ShareBehdark stated that Dogecoin price appears to be entering wave F, which is a bearish wave. The cryptocurrency analyst noted that the former Corrective waves Of this diameter it lasted between 196 and 347 days, so this F wave is also expected to last between 196 and 347 days.
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The accompanying analyst chart showed that the price of Dogecoin could fall to… As low as $0.15 This wave F is a corrective movement. Similar to waves B and D, the analyst noted that this corrective wave is expected to be highly volatile. Based on the 196-347 day timeline, this corrective wave may not end until sometime in November 2025.
Once the corrective wave F is completed, Dogecoin price will move to wave G. Behdark mentioned that wave G will be an upward wave that may lead to a new ATH. The accompanying chart showed that Dogecoin could reach around $0.8 in this impulsive move to the upside. However, long overdue Psychological price level $1 The first meme coin can still be dodged.
Meanwhile, the cryptocurrency analyst added that a weekly candle below the invalidation level at $0.12 would invalidate buying expectations for the green zone between $0.15 and $0.20. Behdark’s analysis provides a completely different perspective on the price of Dogecoin, considering that cryptocurrency analysts love Slow growing trader They predict that the meme could rise to double digits before mid-2025.
Behdark’s analysis also suggests that Dogecoin is unlikely to reach $1 this market cycle, which is what target market participants have had their eyes on since the meme coin began its parabolic rally between October and November.
The four-year cycle is still in operation
Cryptographic analyzer Chris Backes He gave a more bullish forecast for Dogecoin’s price, noting that the four-year cycle is still in effect. The analyst cited a historical pattern in which Dogecoin took off in January 2021 after an upward trend in late December 2020. He then raised the possibility of this historical trend repeating itself again.
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Cryptographic analyzer Master Kenobi He had also previously indicated that a Dogecoin price recovery would likely happen in January 2025 as he hinted at the historical pattern being on the upside for 2021. The cryptocurrency analyst believes that Dogecoin could reach a new ATH around the inauguration of Donald Trump, especially with the emergence of the Ministry of Government Efficiency (DOGE) when Trump takes office.
At the time of writing, Dogecoin price is trading at around $0.31, down approximately 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com