In our latest analysis of Dogecoin (DOGE/USD) on the weekly chart, we’ve identified a leading diagonal pattern labeled as Waves 1, 2, 3, 4, and 5, marking the beginning of a larger bearish trend in Dec 2024.

Following this Diagonal pattern, we anticipate a significant bearish correction in the form of a triple zig-zag (W-X-Y-X-Z), which is typical after leading diagonals. Given the corrective nature of this structure, we expect Dogecoin’s price to decline sharply in the coming weeks, potentially retracing 78.6% of the diagonal’s range, as is common in Elliott Wave Theory.

The recent downward movement, as seen in early 2025, supports this outlook, but traders should monitor key levels to confirm the correction’s progression.