Dogecoin (DOGE) Price Analysis: Wave 5 Target Could Reach $1.41, Analyst Says

Analysts eye a $1.41 Dogecoin target using Elliott Wave theory as DOGE trades near $0.09. Is smart money quietly accumulating?

According to crypto analyst CG Trades, Dogecoin (DOGE) could be setting up for a major move higher. 

The analyst points to Elliott Wave Theory to map out the next big price target. If the pattern plays out, DOGE could reach $1.41. That would represent a roughly 15x move from current price levels.

Per CoinGecko data, Dogecoin currently trades at $0.09397. The token recorded a 2.39% gain in the last 24 hours and a 2.93% rise over the past seven days.

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Elliott Wave Theory Signals a Potential DOGE Breakout

CG Trades laid out the full Elliott Wave count for Dogecoin in a recent social media post. 

Wave 1 topped in January 2018 during the broader altcoin cycle peak. Wave 2 bottomed in March 2020, where price tested a long-term trendline. Wave 3 completed in May 2021 near DOGE’s all-time highs. The analyst then identified Wave 4 as completing in June 2022.

However, CG Trades noted an alternative scenario. If Wave 4 has not fully completed, DOGE could revisit the $0.061349 support level. 

A final test of that zone would mark a 23x move potential toward the $1.41 Wave 5 target. The analyst flagged a monthly close below $0.061349 as the macro invalidation level for this outlook.

Smart Money Accumulation Zone Between $0.060 and $0.090

Market analyst Ali Charts also weighed in on DOGE’s current price behavior. 

In a recent post, Ali Charts pointed to the $0.060 to $0.090 range as a key zone. The analyst described this area as where smart money is likely beginning to accumulate.

Ali Charts called this the “coiling” phase. 

Historically, this type of consolidation has preceded parabolic price moves in DOGE. The current price of $0.09397 sits right at the upper edge of that identified range.

DOGE Performance Since the 2024 Rally

CG Trades also reflected on Dogecoin’s 2024 price action. The analyst noted a 500% pump from the cycle lows, which also translated to a 5x gain from a weekly breakout entry signal. 

Since December 2024, though, DOGE has been bleeding alongside most other altcoins.

CG Trades had previously warned followers about this broader altcoin decline. The ongoing correction appears consistent with the Wave 4 structure the analyst outlined. 

A successful hold above the $0.061349 support would keep the bullish Wave 5 thesis intact.

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