Crypto analyst Behdark has provided an in-depth analysis of the Dogecoin price roadmap to its current all-time high (ATH) of $0.75. In his analysis, he explains why Dogecoin could still witness a significant correction before it rallies to its current ATH.
Dogecoin Price Next Wave Is Bearish
In a TradingView post, Behdark stated that the Dogecoin price seems to be entering wave F, which is a bearish wave. The crypto analyst noted that the previous corrective waves of this diametric lasted between 196 and 347 days, so this wave F is also expected to last between 196 and 347 days.
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The analyst’s accompanying chart showed that the Dogecoin price could drop to as low as $0.15 on this wave F corrective move. Similar to waves B and D, the analyst remarked that this corrective wave is expected to be highly volatile. Based on the 196 to 347-day timeline, this corrective wave might not end until sometime in November 2025.
Once the corrective wave F is done, the Dogecoin price will transition to wave G. Behdark stated that Wave G will be a bullish wave that might lead to a new ATH. The accompanying chart showed that Dogecoin could reach around $0.8 on this impulsive move to the upside. However, the much-anticipated psychological $1 price level could still elude the foremost meme coin.
Meanwhile, the crypto analyst added that a weekly candle below the invalidation level at $0.12 would invalidate the buy outlook for the green zone between $0.15 and $0.20. Behdark’s analysis provides a completely different perspective for the Dogecoin price, considering that crypto analysts like Trader Tardigrade have predicted that the meme coin could rally to double digits before mid-2025.
Behdark’s analysis also suggests that the Dogecoin price is unlikely to reach $1 in this market cycle, a target market participants have set their eyes on since the meme coin began its parabolic rally between October and November.
Four-Year Cycle Still In Play
Crypto analyst KrissPax provided a more bullish outlook for the Dogecoin price, stating that the four-year cycle is still in play. The analyst cited a historical pattern in which Dogecoin took off in January 2021 after an uptrend in late December 2020. He then raised the possibility of this historical trend repeating itself again.
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Crypto analyst Master Kenobi had before now also suggested that a Dogecoin price rebound was likely in January 2025 as he alluded to the historical pattern in the 2021 bull run. The crypto analyst believes that Dogecoin could reach a new ATH around Donald Trump’s inauguration, especially with the Department of Government Efficiency (D.O.G.E) coming to life when Trump takes office.
At the time of writing, the Dogecoin price is trading at around $0.31, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
https://www.newsbtc.com/news/dogecoin/dogecoin-price-roadmap-to-0-75/
2024-12-23 12:30:27
