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The Dogecoin price dropped over 2% in the last 24 hours to trade at $0.1678 as of 3:01 a.m. EST on trading volume that surged 10% to $1 billion.
This decrease in the DOGE price comes as analyst CryptoELITES on X sees the meme coin leader’s price soaring to the $5 level.
DOGE $5 is coming soon!
What do you think?
For more insights, join my Telegram: https://t.co/EeTzlid4ek$DOGE #DOGE #Dogecoin #Memecoin pic.twitter.com/IaQmRTCW9Y— @CryptoELlTES (@CryptooELITES) March 17, 2025
Can DOGE really soar this high?
Dogecoin Price Analysis: DOGE Preparing For A Major Impulse Move?
The DOGE price has been consolidating after a strong rally, forming what appears to be an Elliott Wave structure on the weekly chart.
The Dogecoin price is currently in a corrective wave (Wave 4) following a strong push higher in Wave 3. This structure suggests that DOGE may be gearing up for the final Wave 5, which typically represents a strong, bullish move.
The price of Dogecoin has been moving within an ascending channel, with higher highs and higher lows confirming the continuation of an uptrend. The recent correction in Wave 4 is testing the lower boundary of this channel, which could serve as a launchpad for a potential next leg up.
Meanwhile, the 50 Simple Moving Average (SMA) at $0.20117 is a key resistance level. A decisive break above this level could confirm the continuation of the uptrend.
However, the 200 SMA, which is positioned at $0.14289, has been acting as strong support. The price hovers slightly above this level, suggesting it remains a critical zone for determining future movement.
The weekly Relative Strength Index (RSI) is around 51.90, indicating a neutral stance with potential for upside movement. If the RSI moves above 60, it could confirm renewed bullish momentum.
DOGE Price Prediction – $5 On The Horizon
With DOGE maintaining its position above the 200-week SMA and the Elliott Wave pattern suggesting a potential Wave 5 breakout, the next target could be around $0.75 – $1.00, aligning with previous highs.
The breakout can also take the price of Dogecoin further above the $5 level. However, if DOGE fails to hold the $0.14 support level, a deeper correction toward $0.10 could occur before the next impulse wave begins.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 100X post-launch.
Solaxy Presale Closes On The $27 Million Milestone
Solaxy is the first Layer 2 meme coin built to enhance Solana’s scalability and tackle network congestion, all while slashing transaction costs.
By optimizing Solana’s infrastructure, Solaxy isn’t just another project, it’s shaping the future of Solana-based crypto launches.
But its ambitions don’t stop there. Built with cross-chain technology, Solaxy merges the best of Solana and Ethereum. Therefore, SOLX creates a powerful asset that stands out from traditional meme coins.
Moreover, once launched, Solaxy will provide a platform where developers can build decentralized applications or launch new tokens without compromising (and possibly even improving) Solana’s Layer 1 capabilities.
Over $26.8 million has already poured into the SOLX presale, signaling strong market demand at this early stage. Solaxy also offers holders who stake the project’s SOLX token a huge annual yield of 152%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001666 each using BNB, ETH, USDT, or a bank card.
Anyone looking to buy will want to act fast because the meme coin’s price will increase in less than 10 hours.
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