Dogecoin Poised for $8.5 Surge, Analysts Predict Big Rally as Market Shifts

Leading crypto analyst EWT has presented an optimistic forecast for Dogecoin, suggesting the meme coin could rally as high as $8.5. According to EWT’s technical analysis, Dogecoin’s current position within a subwave setup indicates that the coin could experience a significant surge, with the possibility of hitting even higher targets.

$DOGE a quick zoom in tells us that we are definitely in a (1)-(2) subwave set up increasing the wave ((3)) pink target.#Elliottwave #DOGE #Dogecoin https://t.co/WFNmQyAVKQ pic.twitter.com/tbykuAGYc6

— EWT (@EWcycles) March 4, 2025

Short-Term Correction Expected Before Major Upsurge

EWT’s chart analysis predicts that Dogecoin may first reach the $6 mark, followed by a brief correction to around $1.2. After this correction, the analyst expects the coin to resume its upward trajectory, eventually hitting $8.5. If the rally continues, Dogecoin could exceed this price, potentially reaching double-digit territory.

Dogecoin’s Potential for a $20+ Surge in 2024

Building on a previous prediction, EWT suggested that Dogecoin could make substantial moves throughout the year, with the potential to hit as high as $20 or even $45 if it approaches the upper limits of its ascending channel. Despite recent struggles to maintain support above $0.2, analysts remain optimistic about the coin’s future performance.

Bullish Sentiment Grows Among Analysts

Other analysts, such as Trader Tardigrade and DOGECAPITAL, share the bullish outlook for Dogecoin, forecasting a possible rally above $10 during this cycle. DOGECAPITAL highlights that Dogecoin’s weekly chart shows similar behavior to previous market cycles, particularly in 2017 and 2021, suggesting that once the bottom is confirmed, Dogecoin could enter a second phase with dramatic price surges. This could push Dogecoin to the $2 to $5 range before eventually reaching a target of $26, with further growth expected as the market progresses.