Dogecoin Poised for Rally on Elliott Wave & Triangle Breakout
Dogecoin (DOGE) has completed its Wave 2 correction, according to TradingView analyst HodlAhmad’s Elliott Wave count, which identified a WXY pattern and ABCDE triangle. He forecasts the start of Wave 3 with targets at $1.99 (2.618 Fibonacci) and $2.72 (3.618 Fibonacci), recommending an entry zone between $0.154–$0.172 and a $0.110 stop loss for a 32:1 risk-reward setup. Meanwhile, price action around $0.17 remains muted, with 24-hour gains of just 1% and a 30% drop in volume to $678 million. Crypto analyst Ali spots a symmetrical triangle since early 2024, set to resolve by mid-2025. A daily close above $0.22 could trigger a 60% breakout toward $0.35–$0.36, while a breach below $0.16 risks a sell-off to $0.10. Digital Coin Price adds a year-end peak forecast of $0.37 and a retest of $0.74. Traders should watch DOGE price, volume confirmation, Fibonacci levels and triangle trendlines to position for potential rallies.
Bullish
The combined analysis points to strong bullish catalysts for DOGE price. The Elliott Wave count signals the end of Wave 2 and the onset of an impulsive Wave 3, with Fibonacci extensions projecting over 1,000% gains if momentum holds. Concurrently, a long-running symmetrical triangle pattern nearing its apex suggests an imminent breakout: a close above $0.22 could trigger a 60% rally, while failure below $0.16 would resemble a classic breakdown. High trading volumes (despite recent dips) and clear entry, stop-loss, and target levels give traders concrete risk management tools. Short term, watch for breakout confirmation on volume; long term, a sustained trend above the triangle could attract new capital and reinforce bullish sentiment.