Dogecoin has been making headlines in the cryptocurrency world, with its price reaching an all-time high of $0.75. However, crypto analyst Behdark believes that Dogecoin could still see a significant correction before rallying to its current ATH. In a recent TradingView post, Behdark explained that Dogecoin is entering a bearish wave, wave F, which could last between 196 and 347 days. This corrective move could potentially see Dogecoin dropping to as low as $0.15 before transitioning to a bullish wave, wave G.
Behdark’s analysis suggests that Dogecoin may not reach the highly anticipated $1 price level in this market cycle. The analyst’s chart shows Dogecoin potentially reaching around $0.8 on the upside, but the $1 mark could still be out of reach. Furthermore, Behdark highlighted that a weekly candle below the invalidation level at $0.12 would invalidate the buy outlook for the green zone between $0.15 and $0.20. This analysis contradicts predictions from other analysts who believe Dogecoin could rally to double digits before mid-2025.
On the other hand, crypto analyst KrissPax provided a more bullish outlook for Dogecoin, suggesting that the four-year cycle is still in play. The analyst referenced a historical pattern in which Dogecoin surged in January 2021 following an uptrend in late December 2020, raising the possibility of a similar trend repeating. Similarly, analyst Master Kenobi hinted at a potential Dogecoin price rebound in January 2025, drawing parallels to the 2021 bull run.
Currently, Dogecoin is trading at around $0.31, showing a slight decline of almost 2% in the last 24 hours, according to data from CoinMarketCap. As the market continues to monitor Dogecoin’s price movements, analysts like Behdark and KrissPax offer different perspectives on the meme coin’s future trajectory. Despite the uncertainty surrounding Dogecoin’s price, market participants remain optimistic about its potential to reach new highs in the future. With the cryptocurrency market constantly evolving, Dogecoin’s price roadmap remains an intriguing topic for investors and analysts alike.
