The leading meme coin could be set for a huge price increase in the next year. Specifically, Dogecoin could be set to surge as one analyst predicts a $1 DOGE could be present in 2025. The technical analysis claims that the token would benefit from an impending bull cycle rooted in the Elliot Wave theory.
Dogecoin has certainly struggled this month. Over the last 30 days, the meme coin has lost almost 20% in value according to CoinMarketCap. Moreover, it is currently trading at $0.12, with many concerned about when a turnaround could be coming. Yet, some experts are preparing for a massive ascension for the leading altcoin.
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Dogecoin to $1 Within the Next Year?
Cryptocurrency analyst Big Mike has proclaimed Dogecoin will see a surge to $1 in 2025, according to a Trading View report. His analysis is formed from the last bull cycle, where DOGE completed a 5-wave Elliott Wave pattern. That saw DOGE reach a price above the $0.70 mark.
The aftermath of the bull rally was a steep correction phase for the entire market. Dogecoin suffered as much as other cryptocurrencies. However, Big Mike has noted that the token has entered a new 5-wave pattern since the beginning of 2023. The nascent formation has led analysts to expect a much higher price peak as it enters this iteration of the pattern.
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DOGE is just beginning the third wave now. Usually, this is the most dynamic, and takes the longest. That is especially true when the context of the wave is bullish in nature. The analysis expects wave 3 to peak at a $0.60 level or the meme coin.
Although an ascending channel that pulls Dogecoin down to $0.20 in wave 4 is expected, the following wave is where it should really get interesting. Big Mike notes that this should see DOGE surpass the $1 mark. However, the token is set to face off against a plethora of crucial levels to solidify that expectation.
Also Read: Dogecoin Rallies 10%, Is This The Start Of A Surge?
Big Mike is certainly not alone, as another analyst predicted DOGE’s price increase to $2 in the next year. Crypto analyst Kaleo recently predicted that Dogecoin would benefit from a “meme coin supercycle” that sends Dogecoin far above the dollar mark. His forecast states that “we most likely have a little bit of time left to prep before it happens.”