Dogecoin (DOGE) is exhibiting technical patterns that suggest its multi-year corrective phase may be nearing completion, according to analyst XForceGlobal. Holding above a key support zone near $0.05 could set the stage for a potential long-term rally, with historical patterns indicating a possible target above $1.30.
Dogecoin (DOGE) may be completing a multi-year corrective phase, with technical analysis pointing to a potential long-term rally. According to recent updates from XForceGlobal, the primary bullish pathway centers on a late-stage Wave 4 structure that could be forming a triangle pattern.
The weekly chart shows a large-scale Elliott Wave structure, with Wave 1 completing in early 2018. Wave 4 has since unfolded as a complex correction, with a protected low around $0.05 to $0.06 serving as a crucial macro support and invalidation point.
Zooming in, the corrective pattern shows signs of a contracting structure where waves appear to be converging. Charting Guy recently highlighted that DOGE often bottoms when the 20-week EMA crosses below the 200-week EMA, a signal that occurred recently.
Dogecoin’s long-term chart highlights cyclical behavior with accumulation phases, explosive rallies, and prolonged corrections. The post-2021 period transitioned into a corrective phase, gradually forming a more stable base from 2022 onward.
Throughout 2023 and 2024, DOGE formed higher lows, signaling accumulation within a macro consolidation. If Dogecoin maintains its structural support and bullish momentum resumes, Wave 5 could target prices above $1.30, echoing prior cycle gains.
