Analyst Claims Dogecoin ‘Appears Promising Right Now’ — Here’s the Reasoning

Dogecoin has been in a prolonged phase of adjustment following its peak in 2021, yet new insights from a weekly chart posted by the analyst Maelius (@MaeliusCrypto) suggest that the well-known meme-based cryptocurrency might be ready to break free from its current stagnant position.

Dogecoin Appears Promising

The DOGE/USDT trading pair on Binance has recently recorded a weekly candle at $0.1828 (with a starting point of $0.1705, a high of $0.1833, and a low of $0.1643), reflecting a 7.2% increase for the week. The prevailing market structure is guided by two significant moving averages: the 50-week exponential moving average (EMA-50) positioned at $0.203 and the upward-trending 200-week EMA (EMA-200) at $0.138. Although the price dipped below the EMA-50 earlier in the year, it is noteworthy that it has not breached the EMA-200, which now resides within an extensive demand zone extending from approximately $0.11 to $0.20.

A secondary layer of support is found in a diagonal red trendline that connects the swing lows from October 2023, August 2024, and April 2025. The latest pullback, indicated as “2” on the chart, closely rebounded at the intersection of this trendline, the EMA-200, and the demand zone’s lower boundary—this confluence forms a strong basis for potential upward movement.

Further Insights

Maelius’ core analysis hinges on a layered 1-2, 1-2 Elliott Wave structure. The initial “1-2” sequence started with a surge to around $0.2288 in March 2024, declined to $0.0805 by August of that same year, then prompted a significant bullish leg that peaked near $0.4843 in December (referred to as the second “1”). The corrective dip to $0.1298 in April concluded the second “2.”

In Elliott Wave theory, consecutive 1-2 formations prepare the groundwork for the third wave of (3), which historically tends to be the longest and most pronounced segment of the impulse. Maelius anticipates that this upcoming third wave, along with its subsequent fourth-wave consolidation and final fifth wave, will manifest above the current price level.

The prediction suggests DOGE might climb to approximately $1 during the third wave, followed by a corrective downturn to below $0.70 in the fourth, with the fifth wave expected to peak between $1.30 and $1.70.

Further Insights

Beneath these price movements lies the WaveTrend Oscillator (WTO), a momentum tool linked to the TSI that measures price distance from smoothed averages. The WTO generates two lines alongside a histogram; a bullish cycle initiates when the quicker line crosses above the slower one from an oversold zone (standard settings at –60/–53).

This crossover has just occurred on the weekly timeframe for the first time since the low of August 2024. The histogram has transitioned from a pronounced red to neutral grey, mirroring similar shifts that preceded previous sharp rises in Dogecoin’s price.

Collectively, the charts illustrate a market that is maintaining a long-term demand area, trading above its 200-week EMA, approaching its 50-week EMA without fully reclaiming it, and showing a new bullish momentum cross. From a technical analysis perspective, these elements fulfill many criteria analysts seek when identifying the onset of a primary trend.

Maelius summarizes: “DOGE looks incredibly promising now, even though it dipped lower than I initially anticipated (I expected the EMA50 to hold). It is respecting a significant demand area, maintaining the EMA200 and diagonal support, and appears as though the sequences 1,2,1,2 are complete, positioning us for the next wave of Elliott (within the larger third). The weekly WTO has recently crossed, indicating a supportive environment for the presumed bottom.”

At the time of this report, DOGE was trading at $0.18445.

Featured image generated with DALL.E, chart from TradingView.com