Dogecoin Price Prediction: Will DOGE Hit $1.9 After Completing Its Correction?

Dogecoin's price movements have been the subject of much speculation in the past few months by various crypto analysts

Dogecoin price movements have attracted the attention of several crypto analysts in recent months, with many basing their analyses on the cryptocurrency’s tendency to exhibit repeating patterns throughout its market cycles.

One recent analysis, published on TradingView, delves into Dogecoin’s technical outlook using Fibonacci levels, Elliott Wave Theory, and the Wyckoff Method to derive both downside and upside price targets for the meme coin.

Macro Analysis: Fib Levels, Liquidity Zones Highlighted by Elliott Waves

The analyst begins by noting that Dogecoin’s price has been unfolding within a clear Elliott Wave structure from its bear market low of $0.045 in 2022, culminating in its recent multi-year peak of $0.48 in December 2024.

This projection suggests that the five impulse waves are complete, transitioning into the formation of ABC corrective waves. Notably, waves A and B have already played out, leaving wave C to complete the structure and create the final corrective wave in the pattern.

To gain further insight into this correction, the analyst applies Fibonacci levels, using a trend-based Fib retracement to predict that Dogecoin could retrace to $0.213, aligning well with the 0.382 Fib retracement from its recent December peak.

Moreover, using the 0.618 Fibonacci retracement, calculated from the wave 4 low to the wave 5 peak, suggests a target of $0.235. A green box zone is highlighted between these two levels, indicating the likely liquidity zone before the next bullish leg.

While this correction may present an opportunity for entry, it's important to note that the meme coin has historically revisited the 0.382 level during past market cycles before eventually surpassing its all-time highs.

Therefore, a repeat of this behavior could set the stage for another Dogecoin price rally over a longer timeframe that will eventually break above $0.73 and establish a new all-time high.

Zooming In: Wyckoff Phases, Short-Term Price Bottom Prediction

Analyzing the current price action on a smaller scale, the analyst identifies Wyckoff Distribution Schematic #2 as the prevailing pattern for Dogecoin.

This method separates market movements into phases (A to E) to predict price behavior. According to the analysis, Dogecoin is transitioning through these phases and is expected to enter phase E by January 23, 2025.

Further examination of the 4-hour chart reveals an ABC corrective pattern, with wave C anticipated to mirror the magnitude of wave A’s decline. The analyst calculates this drop as aligning perfectly with the 0.382 Fibonacci target at $0.213.

Using additional Fibonacci retracements and extensions, short-term support and resistance zones have been identified, further reinforcing the $0.213 to $0.235 liquidity zone. With this, the analyst predicts a Dogecoin price bottom between January 30 and February 3, 2025, before it transitions toward a bullish trend.

Looking ahead, the analyst suggests that Dogecoin is building momentum for a significant upward movement once it completes its correction. Notably, the analyst predicts that Dogecoin will rebound and reach $1.9 once the correction is completed.

At the time of writing, Dogecoin is trading at $0.3577.