Analyst Says Dogecoin Preparing for $6 in 2025

A prominent market analyst believes Dogecoin is preparing for huge moves this year, 2025, suggesting a possible 23-fold increase.

The Dogecoin (DOGE) price action has been at the center of attention over the past few weeks due to discussions around the meme coin’s potential. DOGE is down 21.17% this year, but market analysts believe its comeback would not only recover these losses but also lead to new all-time highs.

One such analyst, “Doge Lord,” called attention to a five-wave Elliott Wave structure that could trigger such a massive comeback run. In his latest analysis, he revealed that he was watching the asset closely, as it navigates the third wave of this prevalent structure on the weekly chart.

Dogecoin Trades Within Elliott Wave Structure

For context, Dogecoin began this Elliott Wave structure with an impressive rally in January 2024, soaring to a high of $0.2288 by March 2024 on the completion of Wave 1. However, Wave 2 came with a massive pullback, culminating in a collapse to a floor of $0.0805 in August 2024.

Following this Wave 2, Dogecoin’s price recovered on the back of the third wave, as the meme coin leveraged the President Donald Trump-led upsurge in the broader market to hit four-year highs around $0.4843 in December 2024. 

Despite the ongoing correction, Doge Lord’s chart indicates that Dogecoin is still trading within Wave 3. The chart suggests DOGE is on the verge of a rebound from the ongoing correction, with an imminent rally to the Fibonacci 1 level, which aligns with a new all-time high of $1.1293. Notably, this would mark the end of Wave 3.

Pullback Before the Upsurge

Meanwhile, the fourth wave is expected to trigger a pullback below the $1 mark. According to the chart, this pullback could push Dogecoin toward the $0.7702 level, which the meme coin could leverage as a support to hedge against any deeper crash.

Interestingly, Doge Lord expects a recovery to ensue with Wave 5, projecting that this wave would result in a rally leading to the 1.618 Fibonacci extension, which corresponds to a price of $6.08. “DOGE preparing for huge moves in 2025,” the analyst remarked upon sharing these findings.

Dogecoin currently trades for $0.2515, down 2.57% today. To hit the $6 mark, the asset would need to rally 2,285% or by more than 23-fold from its current level. While $6 might sound overly ambitious, another analyst Ali Martinez contended earlier this month that $10 could be possible for DOGE.