According to an analysis based on the Elliott Wave theory, Dogecoin (DOGE) could be on the brink of a strong bullish wave that targets a price of $2.43. The analysis suggests that DOGE's previous rally unfolded in five distinct waves and reached key Fibonacci extension levels, confirming a robust impulsive phase. Following this rally, DOGE entered a multi-month period of consolidation, which is interpreted as a corrective move. The presence of the Ichimoku Cloud during this phase indicates uncertain momentum. In November 2024, DOGE broke above a descending trend line but lost momentum in the following months. The chart now shows DOGE compressing within a recognizable triangle or wedge shape, which often occurs before a breakout. The top trendline is being watched closely as a potential level for a support/resistance flip. If this occurs, it could confirm the end of the corrective move and the start of the next impulsive phase, labeled as Wave (C). The analysis projects that this wave could propel DOGE to a price of $2.43, supported by significant Fibonacci references. The chart also highlights $0.15247 as a key level below current trading prices, which could confirm the retest of the descending trendline. At the time of writing, DOGE is trading at $0.25.



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