Can Dogecoin Price Still Reach $10 With The 3rd Wave Deadlock?
Overview
Recent structural analysis suggests that Dogecoin may be nearing a pivotal moment in its market cycle. Analysts indicate that the price action is compressing and volatility is diminishing, hinting at a potential explosive movement for the cryptocurrency.
Current Market Situation
Third Wave Deadlock
Crypto market expert EtherNasyonal has identified that Dogecoin is currently trapped within a third-wave deadlock. This situation indicates that the cryptocurrency has not yet demonstrated the decisive movement typically expected after a strong wave. Instead, it remains in a tight trading range without confirming a clear breakout, confined to the lower region of an ascending channel.
Elliott Wave Analysis
EtherNasyonal provided an Elliott Wave chart that outlines Dogecoin’s long-term trajectory and potential price targets above $10. According to this analysis, Dogecoin’s macro structure is defined by three major waves:
- The first wave began in 2014 and saw an early breakout in 2017.
- The second wave prompted a significant bull rally in 2021.
- The current third wave has led to a consolidation phase, waiting for completion.
The analyst suggests that if historical patterns repeat, Dogecoin could experience a breakout from this third wave. The chart analysis reveals an ascending channel that indicates several upward targets. Should a breakout occur, the initial target is around $0.5, with higher targets extending between $1.2 and over $16. The completion of the third-wave breakout is expected to determine the strength and direction of Dogecoin’s next major trend.
Alternative Analysis
Another crypto market expert, Trader Tardigrade, has provided a different perspective with a more conservative price target for Dogecoin. His weekly chart illustrates that the meme coin has consistently rebounded off a long-standing ascending support line, which has historically triggered significant price rallies.
Trader Tardigrade notes that Dogecoin has recently returned to this critical support area, testing the same trendlines that previously ignited upward movements. He predicts that if this historical pattern continues, Dogecoin could reach $1 by the first quarter of 2026. Despite a recent decline, where the meme coin has lost over 20% in the past month, he remains optimistic about its long-term prospects.
Impact on the crypto market
- Dogecoin’s current consolidation phase may influence investor sentiment and trading strategies.
- The analysis of potential upward targets could attract speculative trading and investment interest.
- The contrasting forecasts from different analysts highlight the diverse opinions present in the crypto market regarding Dogecoin’s future.
- A breakout from the third wave could signify a shift in market dynamics, impacting other cryptocurrencies.
- The focus on historical patterns may lead traders to adjust their positions based on past performance indicators.
Updated: 11/28/2025, 8:25:39 PM
