Dogecoin’s price may be poised for a significant surge, fueled by its recent inverse head-and-shoulders pattern and the ongoing bullish momentum of the cryptocurrency market. Analysts suggest that the coin’s performance is influenced by expanding decentralized finance (DeFi) applications and increasing interest from institutional investors. 27% above its lowest point this month, Dogecoin continues to demonstrate strength despite a recent dip of 3.47%. 24% retracement potential based on the inverse head-and-shoulders pattern is predicted. The Elliot Wave analysis further suggests that if DOGE surpasses $0.2488, the double top pattern will be invalidated and confirm the Elliott Wave count. The third phase of the wave could push the price to a target of $0.2877. 2023 may witness an influx from cryptocurrency ETFs as companies such as Bitwise, Grayscale, and Rex Shares are actively exploring DOGE ETF launch.