A new Dogecoin price prediction suggests that the number one meme coin could be gearing up for a massive breakout toward the $1.9 target. This bullish projection comes as a complex WXY corrective pattern is completed on the Dogecoin chart, signaling the potential end to its current consolidation phase and downtrend.
Dogecoin Price Rally To $1.9 Incoming
A TradingView crypto market analyst, known as HodlAhmad, has identified a major bullish setup for Dogecoin, forecasting that the meme coin will finally surpass the $1 mark and potentially climb to $1.99 in the coming months. With DOGE currently priced at $0.17, this projection would mark a solid 1,071% increase.
According to the analyst’s chart report, Dogecoin’s price action has just completed a distinct WXY corrective pattern, followed by an ABCDE triangle—an indication that the larger Wave 2 correction may have come to an end. This pattern is often a precursor to a powerful impulsive move, and in this case, signals the possible start of Wave 3, which is seen as one of the powerful and longest waves in the Elliott Wave cycle.
Following the completion of Wave 2, HodlAhmad emphasizes that Dogecoin may now be entering the sub-wave 3 of Wave 3, a stage typically known for rapid pace expansion and strong momentum. This phase is considered one of the most aggressive portions of the Elliott Wave pattern and has historically delivered the most significant gains during bullish cycles.
Based on Fibonacci Extension levels depicted on the price chart, the analyst projects a potential rally to the 2.618 Fib level near $1.99 and even higher to $2.72 at the 3.618 extension, if bullish momentum persists. Notably, reaching the upper target at $2.72 would represent a strong 1,500% gain from Dogecoin’s current market price.
Analyst Unveils 32RR Dogecoin Trade Setup
To capitalize on the anticipated breakout to $1.99, HodlAhmad has outlined a DOGE trade setup with a targeted entry zone between $0.154 and $0.172. This range is supported by key Fibonacci Retracement levels at 78.6% and 6.18%, respectively, as well as previous breakout structures, making it a strong demand zone for accumulation.
The analyst has placed this trade’s stop loss around $0.110, a level that could invalidate Dogecoin’s current bullish impulse wave count if broken. In this setup, the 24-hour trading volume of over $616.43 million, marked at the bottom of the chart, adds weight to the current accumulation zone, hinting at strong market participation just above the stop loss level.
From this base, the price targets are set progressively higher, beginning with $1.27 at the 1.618 Fib extension, $1.99 at the 2.618 Fib, and $2.72 at the 3.618 extension. This setup, dubbed the “32RR trade” by the TradingView analyst, presents a significant risk-to-reward ratio for traders positioning for this projected price increase.
Featured image from Getty Images, chart from Tradingview.com
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