- An analyst has predicted that Dogecoin (DOGE) could hit $3 in a significant surge as he spots the formation of a power of 3 patterns.
- Another analyst who used Elliott Wave Theory in his analysis has predicted an explosive run to $57.
Dogecoin’s (DOGE) struggle to breach its all-time-high price continues as it declines by 2.7% in the last 24 hours to trade at $0.37. According to market data, its 24-hour trading volume has, however, declined by 25%, with $9.5 billion changing hands.
[mcrypto id=”630826″]The Power of 3 Pattern
Looking at the price action, DOGE appears to be bullish with the formation of “a power of three (3) pattern.” From the chart below, DOGE appears to have formed a price buildup followed by ups and downs in a few days.
Confirming this formation, an analyst identified as Trader Tardigrade has highlighted that multiple power of 3 patterns have been spotted on the DOGE 24-hour chart.
Technical analysis of the Dogecoin price action shows that two consecutive Power of 3 patterns have appeared on the DOGE daily chart.
Throwing more light on this, the analyst pointed out that the first power of 3 patterns started in March 2024 and ended in November 2024. The second power of 3 patterns started in November, with step one ending in December 2024. This ensured that the price stayed within the range of $0.48 and $0.4. In a nutshell, Tardigrade expects DOGE to rise by 3,500%.
According to the analyst, the current position implies that the asset has moved from the manipulation phase to the distribution phase. Our recent publication confirms that whales have hoarded about 200 million DOGE.
Recent positive price movements show that Dogecoin has now exited the manipulation phase and is now in the distribution phase.
Per his estimation, DOGE could hit $1.3, representing 225% of the current price. Fascinatingly, this aligns with a recent CNF report. Meanwhile, the price is said to be similar to the 2017 surge. According to experts, a repetition of this pattern could trigger a surge to $3 this year.
If history repeats itself, Dogecoin could reach a local peak above $3 in 2025.
Another Analyst Joins the DOGE Analysis
Using the Elliott Wave Theory, another analyst called XForceGlobal has highlighted that the possibility of DOGE hitting $0.8 has moved from being a “pipe dream” to reality.
According to him, the asset has completed Wave 4 of the structure, creating what he termed a “very rare-looking triangle.” Per his observation, a breakout from this position could trigger a formation of Wave 5. Completion of this phase could send the price above its all-time high and subsequently target the $4 mark.
Wrapping up his analysis, the analyst predicted that DOGE could surge to between $12 and $25 this cycle. In a good period, DOGE could rise as high as $57, according to his thesis.
Looking at the current market situation, DOGE could certainly record a parabolic surge as spot DOGE ETF is expected to be approved after the inauguration of US President-elect Donald Trump. As earlier featured in a CNF news piece, approval has been pegged at 36% by prediction platform Polymarket.
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