Next year, leading meme coins may experience a significant price surge. Specifically, Dogecoin could see a substantial increase, as an analyst predicts that its price could reach $1 by 2025. Technical analysis suggests that the token will benefit from an upcoming bull market cycle rooted in Elliott Wave Theory.
This month, Dogecoin has indeed faced challenges. According to data from CoinMarketCap, the value of this meme coin has dropped by nearly 20% in the past 30 days. Additionally, it currently trades at $0.12, leaving many wondering when a turnaround will occur. However, some experts are preparing for a significant rise in this leading altcoin.
Dogecoin to Rise to $1 Next Year?
According to a report from Trading View, cryptocurrency analyst Big Mike claims that Dogecoin will skyrocket to $1 by 2025. His analysis is based on the previous bull market cycle, during which Dogecoin completed a 5-wave Elliott Wave pattern. The price of Dogecoin broke the $0.70 mark.
The aftermath of a bull market rebound is a period of sharp adjustments for the entire market. Dogecoin suffered losses similar to other cryptocurrencies. However, Big Mike points out that since early 2023, the token has entered a new 5-wave pattern. This new formation leads analysts to predict a significant increase in the peak price as Dogecoin progresses through this pattern.
DOGE is currently just starting its third wave. Typically, this is the most dynamic and time-consuming wave. This is especially true when the overall nature of the waves is bullish. Analysts predict that the third wave will peak at $0.60 or the level of meme tokens.
Although the fourth wave is expected to enter an upward channel and drop to $0.20, the next wave is where things get really interesting. Big Mike suggests that Dogecoin should break the $1 mark. However, the token will face numerous key levels of resistance to solidify this expectation.
Big Mike is certainly not the only one holding this view, as another analyst predicts that Dogecoin’s price will rise to $2 next year. Cryptocurrency analyst Kaleo recently forecasted that Dogecoin will benefit from the “meme coin supercycle,” which will propel its price well beyond the $1 mark. His prediction states, “We likely have a bit of time to prepare before it happens.”
