Since the beginning of June, Dogecoin (DOGE) has experienced a significant downward trend, losing over 22% of its value. Despite this downward momentum, analysts believe that the price of DOGE could be on the verge of a major bullish reversal based on technical indicators.

Crypto analyst Big Mike in an X post has revealed a bullish prediction for DOGE suggesting that this meme coin could surpass the $1 threshold in this bullish cycle. This price prediction is based on the Elliott Wave theory, supported by a series of technical indicators.

Technical Analysis Based on Elliott Wave

According to Big Mike's analysis, DOGE could reach $1 by the end of 2024 to 2025. The Elliott Wave theory, a technical analysis tool used to predict market cycles and price movements by identifying recurring fractal wave patterns, forms the basis of this prediction.

Finbold reported that the latest analysis of the DOGE/USDT weekly chart shows a clear Elliott Wave pattern. DOGE has completed five major waves, reaching a peak around $0.68835.

After this peak, DOGE entered a corrective phase, forming waves W, X, and Y, indicating a period of consolidation.

New Uptrend Cycle

DOGE is now in a new uptrend cycle, with waves (1) and (2) already formed. Price action is also contained within an upward channel pattern, providing a framework to predict future movements and supporting a bullish outlook.

Wave (3) is projected to push DOGE to higher resistance levels, potentially between $0.35 and $0.50, based on Fibonacci extensions. This wave is typically the strongest and longest, driven by significant market momentum. The upper boundary of the upward channel aligns with this target, reinforcing the potential price range.

Following wave (3), a corrective wave (4) is expected to occur. This wave usually retraces some of the gains from wave (3), possibly bringing DOGE to the support range of $0.20 to $0.25. Corrections within this ascending channel are crucial to build a foundation for the final push.

Potential Price Surge of DOGE Towards $1

Wave (5) represents the final push in this cycle and could propel DOGE towards $1. The strength of wave (5) often correlates with market sentiment and external factors, such as broader crypto market rallies or significant news events.

The upper trend line of the upward channel can guide this wave, potentially extending DOGE's price significantly, especially if accompanied by strong trading volume and investor confidence.

As DOGE surpasses this predicted wave, investors and traders will carefully monitor key technical levels and market conditions.

The potential for DOGE to reach $1 depends on various factors, including market sentiment, external news events, and the overall performance of the crypto market.