Dogecoin (DOGE) is swept up in the widespread market turmoil, plummeting by 8% over the past day and showcasing nearly $5 million in liquidations.
A market expert foresees a potential rise for DOGE to hit $1 in what is deemed as the ultimate wave of the Elliott Wave theory.
Ranked among the major losers within the large-cap cryptocurrency realm, Dogecoin (DOGE) has experienced an 8% decline in the previous 24 hours and a 10% dip over the last week, currently priced at $0.1103.
During this tumultuous phase, the coin has seen a striking 115% surge in its 24-hour trading volume, with a whopping $1.05 billion worth of Dogecoin transactions taking place at present. As per our data analysis, DOGE’s drop to this level ensued subsequent to breaching a pivotal support level at $0.1184 post four unsuccessful attempts dating back to March 19.
In historical context, the current valuation marks the lowest registered in the past month, signifying a decline exceeding 29%. Our scrutiny of Coinglass data further reveals DOGE’s prominent status in the meme liquidation sphere, witnessing over $4.92 million in liquidations within the last 24 hours. Notably, this trend extends across the broader market, as evidenced by Bitcoin also enduring $90.06 million worth of liquidations during the aforementioned timeframe.
Moreover, PEPE underwent a notable $4 million in liquidations, dispelling the notion that the immense 8,500% surge in the Shiba Inu (SHIB) burn rate would catalyze an ecosystem rebound.
Despite the prevailing market downturn, analysts have flagged that 75.77% of DOGE addresses currently sit in profitable territory. This profitability metric juxtaposed with the prevailing bearish sentiment has incited a wave of profit-taking activity amid short-term investors.
Further examination of IntoTheBlock data verifies a substantial outflow of DOGE from exchanges, with the liquidation heat map indicating a drop below $0.120. The Relative Strength Index (RSI) standing at 32 suggests a potential entry into oversold conditions for the asset. Additionally, the Moving Average Convergence Divergence (MACD) highlights a mild bearish momentum, with the signal line positioned above the MACD line. Concurrently, the Bollinger Bands signal a significant contraction, hinting at a period of reduced volatility or an impending substantial move. The upper Bollinger Band marks around $0.1353, while the lower Bollinger Band indicates $0.1127. The bearish sentiment is corroborated by the Awesome Oscillator.
Contrary to the ongoing downward trajectory, crypto analyst Big Mike projects that DOGE could touch the $1 mark by late 2024 to 2025. Leveraging the Elliott Wave theory, which utilizes recurrent fractal wave patterns to forecast market cycles, it has been deduced that DOGE has completed its five primary waves. Following a peak at $0.68835, the coin transitioned into a correction phase, generating waves W, X, and Y.
DOGE now embarks on a fresh cycle with waves (1) and (2) already formed. Per the analyst’s perspective, wave (3) might propel the DOGE price range to between $0.35 and $0.50. Subsequently, wave (4) is anticipated to undergo a price correction, paving the way for wave (5), the conclusive stage tipped to escalate the price towards the $1 threshold. This prognosis aligns with a projected 1,500% surge as forecasted by analyst Kaleo and detailed by Crypto News Flash.