Peter Smith
Dogecoin fans, it might be time to pay attention. After years of sideways movement and corrections, the original memecoin appears to be waking up. DOGE's higher-timeframe chart is flashing signals that look eerily similar to its setup before the explosive 2021 rally. If the pattern holds, we could be looking at a run toward $1—and possibly much higher—in the next market cycle.
The Elliott Wave Setup
The Penguin chart shows DOGE completing a multi-year corrective phase and potentially starting Wave 5—or even Wave 1 of a larger super-cycle. Here's the breakdown:
- Wave 3 marked DOGE's 2021 all-time high, followed by a long correction through 2023
- The correction played out in a clean (a)–(b)–(c) pattern, bottoming around $0.06–$0.08
- Recent price action shows higher lows and stronger momentum—classic re-accumulation
- Projected Wave (iii) could push DOGE past $1, with long-term targets between $3–$4 if momentum builds
The chart reveals an expanding diagonal pattern—a signal often seen right before powerful bullish moves kick in. While DOGE might still dip on shorter timeframes, the bigger picture looks decidedly bullish. The weekly chart also shows a broadening wedge connecting 2022 and 2024 lows, suggesting accumulation before a potential breakout. A confirmed move above $0.20–$0.25 could trigger acceleration toward $0.50, then $1.00.
Why This Could Happen
Beyond the technical setup, the memecoin narrative is heating up again. DOGE, as the OG memecoin, tends to lead speculative rallies when risk appetite returns. Social sentiment is improving, liquidity is coming back, and retail traders are getting interested again. With altseason potentially on the horizon and capital rotating out of Bitcoin, DOGE could once again become the market's mood ring.
At around $0.18, DOGE is still way below its 2021 highs—but that's exactly what makes the setup interesting. If this Elliott Wave pattern plays out and the next impulse wave confirms, $1 isn't just hopeful thinking—it's a legitimate target for this cycle. Short-term dips might still happen, but the long-term structure favors bulls heading into 2025–2026. DOGE could be gearing up for another historic run.
Peter Smith
