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Maelius (@MaeliusCrypto) has published a fresh weekly chart of DOGE/USDT from Binance and—despite the meme-coin’s recent pull-back—sees the groundwork for a textbook Elliott-wave extension that could catapult prices toward the psychological $1.00 mark.
Can Dogecoin Hit $1?
The chart tracks every weekly candle since early-2021 and puts the current market at $0.1843 after a four-week slide from the March high near $0.26. That decline has carried price straight back into a broad green “demand” band that now stretches roughly from $0.12 up to $0.17. The zone once acted as heavy overhead resistance during 2022-23; Maelius notes that, after last year’s breakout, it has switched polarity and is behaving as a base of demand.
Two moving averages frame the structure. The 50-week exponential average (EMA 50, blue) is curling higher and sits at about $0.205, while the 200-week EMA (red) is printed at $0.1415. Price is currently wedged between the two, a configuration that often precedes a decisive expansion in volatility. Notably, a rising red trend-line—drawn beneath successive higher lows since late-2023—now coincides almost exactly with the 200-week EMA, reinforcing the $0.15 area as technical support.
Maelius’ count assigns the March 2024 spike to $0.23 as the primary wave 1, and the subsequent retreat to the October 2024 low near $0.12 as the primary wave 2. From that inflection point the analyst sees the opening stages of a third wave unfolding, but—crucially—he marks a smaller-degree wave 1 of that larger wave 1 peaking just above $0.48 in early December last year, followed by the present pull-back that he labels the smaller-degree wave 2.
In other words, the chart shows a classic “1-2, 1-2” nesting: a big 1-2 at primary degree, immediately followed by a smaller 1-2 that kicks off the presumed third-of-third advance. Such a configuration is typically regarded by Elliott technicians as the most explosive setup in the entire impulse hierarchy because the next leg is the wave 3 of wave 3, a segment that can extend with the steepest slope and often delivers the bulk of a trend’s price appreciation.
A dashed projection ray extrapolates that third wave to the $1.10 region, before wave 4 is pencilled in as a shallow retrace to roughly $0.65 and wave 5 completes somewhere in the $1.50–$1.80 range. Maelius tempers the roadmap in his accompanying post, stating he is “not a fan of hard targets” but believes “this one goes towards $1 in the next impulse.”
Under the price pane Maelius plots the weekly WaveTrend Oscillator (WTO). Both the fast (black) and slow (red) curves bottomed inside the highlighted oversold band in April and have since hooked sharply higher. That turn has been accompanied by a steady contraction in the crimson histogram bars; over the last two candles the histogram has in fact flipped back to light-grey on the positive side of the midline, signalling that bearish momentum is losing its grip and that a fresh bullish impulse may be brewing.
DOGE is now hovering exactly at the upper rim of the demand box. A weekly close above the EMA 50 at $0.205 would signal renewed bullish dominance and open the way to $0.26—the May swing high—and the mid-$0.40s cluster that halted price during the December 2024 rally. Conversely, a decisive break under $0.14 would violate the two-year ascending trend-line and postpone the Elliott count.
At press time, DOGE traded at $0.18.
Featured image created with DALL.E, chart from TradingView.com
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