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Maelius (@MaeliusCrypto) has published a recent weekly chart of DOGE/USDT from Binance and—regardless of the meme-coin’s latest pull-back—sees the groundwork for a textbook Elliott-wave extension that would catapult costs towards the psychological $1.00 mark.
Can Dogecoin Hit $1?
The chart tracks each weekly candle since early-2021 and places the present market at $0.1843 after a four-week slide from the March excessive close to $0.26. That decline has carried worth straight again right into a broad inexperienced “demand” band that now stretches roughly from $0.12 as much as $0.17. The zone as soon as acted as heavy overhead resistance throughout 2022-23; Maelius notes that, after final 12 months’s breakout, it has switched polarity and is behaving as a base of demand.
Two transferring averages body the construction. The 50-week exponential common (EMA 50, blue) is curling larger and sits at about $0.205, whereas the 200-week EMA (pink) is printed at $0.1415. Value is presently wedged between the 2, a configuration that usually precedes a decisive growth in volatility. Notably, a rising pink trend-line—drawn beneath successive larger lows since late-2023—now coincides virtually precisely with the 200-week EMA, reinforcing the $0.15 space as technical assist.
Associated Studying
Maelius’ depend assigns the March 2024 spike to $0.23 as the first wave 1, and the following retreat to the October 2024 low close to $0.12 as the first wave 2. From that inflection level the analyst sees the opening phases of a 3rd wave unfolding, however—crucially—he marks a smaller-degree wave 1 of that bigger wave 1 peaking simply above $0.48 in early December final 12 months, adopted by the current pull-back that he labels the smaller-degree wave 2.
In different phrases, the chart reveals a traditional “1-2, 1-2” nesting: an enormous 1-2 at main diploma, instantly adopted by a smaller 1-2 that kicks off the presumed third-of-third advance. Such a configuration is often regarded by Elliott technicians as essentially the most explosive setup in your complete impulse hierarchy as a result of the following leg is the wave 3 of wave 3, a phase that may prolong with the steepest slope and sometimes delivers the majority of a pattern’s worth appreciation.
Associated Studying
A dashed projection ray extrapolates that third wave to the $1.10 area, earlier than wave 4 is pencilled in as a shallow retrace to roughly $0.65 and wave 5 completes someplace within the $1.50–$1.80 vary. Maelius tempers the roadmap in his accompanying put up, stating he’s “not a fan of onerous targets” however believes “this one goes in the direction of $1 within the subsequent impulse.”
Beneath the value pane Maelius plots the weekly WaveTrend Oscillator (WTO). Each the quick (black) and gradual (pink) curves bottomed contained in the highlighted oversold band in April and have since hooked sharply larger. That flip has been accompanied by a gentle contraction within the crimson histogram bars; during the last two candles the histogram has actually flipped again to light-grey on the constructive facet of the midline, signalling that bearish momentum is losing its grip and {that a} recent bullish impulse could also be brewing.
DOGE is now hovering precisely on the higher rim of the demand field. A weekly shut above the EMA 50 at $0.205 would sign renewed bullish dominance and open the best way to $0.26—the Could swing excessive—and the mid-$0.40s cluster that halted worth through the December 2024 rally. Conversely, a decisive break below $0.14 would violate the two-year ascending trend-line and postpone the Elliott depend.
At press time, DOGE traded at $0.18.
Featured picture created with DALL.E, chart from TradingView.com
