The long-term Elliott Wave pattern of Dogecoin indicates a possible price surge to reach up to $1 to 2, supported by whale purchases and ETF creation.
The long-term chart of Dogecoin presents a strong Elliott Wave 5-wave pattern with the potential to set the cryptocurrency on a path to the $1 to 2 levels.
The macro trend, which has been active since 2014, indicates a finished wave IV corrective period and signifies an enlarged ending diagonal wave V as the subsequent action.
Source – X
This is unusual and prominent as far as digital assets are concerned. All impulsive wave options are depleted; the only upside case is this widening diagonal pattern to $1 to $2 according to XForceGlobal on X.
Backing up this bullish perspective, statistics show that the amount of whale concentration in the price ranges of $0.20 and above is strong.
Source – X
According to analysts who closely monitor Glassnode data, AliCharts, approximately 11.12 billion DOGE has been concentrated around this critical point and is currently creating a significant resistance area that a breakout would push the rally even faster.
Institutional interest Bitwise Asset Management has filed a spot Dogecoin ETF, awaiting SEC approval, which should happen by mid-November.
The move is giving both confidence and hope to traders and investors as it would make it easier and more legitimate to access the holdings of DOGE through an ETF.
It will be listed on NYSE Arca, and Coinbase Custody will manage DOGE, which can lead to a greater liquidity supply and price support.
In the meantime, Dogecoin has increased decentralized finance (DeFi) activity. According to DeFiLlama, Dogecoin Total Value Locked (TVL) increased to 17.51 million, which is 10.98% up in the past 24 hours, indicating an increase in market participation and increased liquidity, which supports the long-term bullish structure.
The current trading positions of Dogecoin, at slightly below $0.18 with a market capitalization valued at over 27 billion, continue to experience resistance levels but display higher lows in line with Elliott Wave projections.
The major support at around 0.0609 is still intact, and the bullish setup is in place unless it is broken.
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