Crypto analyst EWT has made a bullish case for the Dogecoin price, predicting it could rally to as high as $8.5. His analysis explained why the foremost meme coin could reach such an ambitious price target.
Analyst Predicts Dogecoin Price Rally To $8.5
In an X post, EWT predicted that the Dogecoin price could rally to $8.5. This prediction followed his analysis of DOGE’s daily chart, in which he claimed that the current price action shows that the meme coin is in a 1 to 2 subwave set-up, which increases the likelihood of a rally to $6. His accompanying chart showed that Dogecoin could correct to as low as $1.2 once it hits $6.
Following the corrective move to $1.2 in wave 4, Dogecoin would witness another impulsive move to the upside, which would send it to the $8.5 price target in Wave 5. The chart also suggested that the foremost meme coin could surpass the $8.5 price target and possibly reach double digits.
EWT had earlier informed market participants to prepare for significant movements from the Dogecoin price this year while analyzing the meme coin on a higher timeframe. Previously, his accompanying chart indicated that DOGE could reach $20 or even $45 if it reached the upper boundary of the ascending channel.
These projections suggest that DOGE’s bull run isn’t finished yet, as the Dogecoin price could still achieve a new all-time high (ATH) in the current market cycle. The foremost meme coin is currently struggling to reclaim the psychological $0.2 level as support. However, crypto analysts like Trader Tardigrade anticipate that a bullish reversal may happen soon, potentially launching the meme coin to new heights.
Another Ultra Bullish Outlook For DOGE
Crypto analyst DOGECAPITAL has also posited that the Dogecoin price could rally above $10 within this market cycle. His latest analysis reveals that DOGE’s weekly candle continues to maintain its position above a parallel line level, echoing its behavior during the cycles of 2017 and 2021. The analyst noted that once the meme coin’s bottom is adequately confirmed, the second phase is expected to commence, marking a dramatic surge as Dogecoin makes its way toward the $2 to $5 range.
DOGECAPITAL stated that his target for phase 3 is the parallel red zone, which mirrors previous cycles where the Dogecoin price achieved its peak before initiating a new cycle. He emphasized that, at present, the bottom of that red zone sits at $26 and is slowly increasing over time due to the slope of the line. The analyst asserted that this represents his minimum target for this cycle.
As of the time of writing, the Dogecoin price is trading at around $0.19, experiencing a decline over the last 24 hours, according to data from CoinMarketCap.
