Renowned digital currency expert Big Mike (@Michael_EWpro) sheds light on the highly anticipated Dogecoin (DOGE) rise in his latest technical analysis. According to Big Mike, the meme-inspired cryptocurrency could potentially break the $1 barrier in the current bullish trend. The comprehensive forecast is based on a reasonable interpretation of Elliott Wave theory and is further reinforced by notable technical indicators showing Dogecoin’s strong upward momentum.

Examining Dogecoin’s weekly chart, Big Mike illustrated how the crypto managed to achieve an impressive 5-wave Elliott Wave pattern during its last significant bull market bout. This pushed Dogecoin’s market price past the $0.70 mark. However, the market’s resulting loss offset this unprecedented acceleration and produced a WXY pattern, a hallmark of a complex Elliott wave corrective structure. Thus, the market entered a recovery phase, stabilizing and pulling back Dogecoin’s price momentum.

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Big Mike’s assessment, carefully charted from late 2023, anticipates a new 5-wave pattern for Dogecoin, promising higher prices than ever before. The initial surge helped the digital coin reach a peak below $0.23. A subsequent wave reduced the retracement to $0.1140. Dogecoin is now considered to be in the early stages of the third wave, traditionally the strongest and most far-reaching, especially in a bullish market scenario.

Big Mike paints an encouraging picture emphasizing an ascending channel since the start of wave 1. This channel could be a precursor to Dogecoin’s path as it looks for new highs. The current level may reach around $0.60, which coincides with the top trend line of the channel. If things go as predicted, the fourth wave could take the price of Dogecoin to around $0.25 – the lower limit of the channel, preparing the ground for the grand finale: wave 5, which is expected to push Dogecoin past $1. will increase.

Several Fibonacci extension levels drawn from the beginning of the last bullish run to the peak are plotted on the chart. These are important in defining possible price points for this cryptocurrency. The initial Fibonacci extension at 2.618 is set at around $0.14591, while the 3.618 extension, a reference point for the fifth wave, is set at $0.68835.

Big Mike’s chart shows the Volume Profile Visible Range (VPVR) showing high traded volume in the current price zone, reinforcing a strong foundation for Dogecoin’s market level. Given the minimal volume resistance, the cryptocurrency is poised for a sharp rally in price once it breaks through the current resistance levels.

Technical indicators such as the Stochastic RSI and the Relative Strength Index (RSI) offered on a weekly basis strongly support the upcoming bullish phase for Dogecoin. Stochastic RSI is currently located in oversold territory, indicating high potential for price recovery. The RSI, on the other hand, suggests an upward trend, with highs and lows.

As of press time, DOGE was trading at $0.1247. Despite trading below the 200-day EMA, Dogecoin’s promising future in a bullish market makes it an interesting asset to watch.

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