Dogecoin ($DOGE) may surge over 570% to $2.30 if it follows historical Fibonacci-driven cycles, says analyst Javon.
DOGE’s long-term trend remains bullish, supported by its position above the 200-period moving average, signaling market optimism.
Breaking resistance near $0.39 could lead to a rally, while support at $0.28 is crucial to avoid further declines, Javon predicts.
Dogecoin’s ($DOGE) price may be up for a rally, according to analyst Javon. He notes a recurring trend across its historical price cycles, where each cycle saw the cryptocurrency break past its 1.618 Fibonacci extension level.
If this pattern persists, Dogecoin could see an increase of over 570% from its current levels, potentially pushing its value to $2.28 or more. Javon's predictions are based on historical market movements and Fibonacci retracement levels, which have defined critical price points for DOGE.
https://twitter.com/JavonTM1/status/1871995033685311804
Historical Cycles Suggest Strong Growth Potential
Javon outlines three major price cycles for Dogecoin, beginning in 2014. In the first cycle, between 2014 and 2017, Dogecoin saw a period of extended consolidation near its lows, followed by a breakout. During this phase, the price retraced to the 0.618 Fibonacci level before surging to the 1.618 Fibonacci extension, reaching a peak near $0.0021.
A similar pattern emerged in the second cycle from 2017 to 2021, with Dogecoin’s price consolidating before climbing to approximately $0.11777. Both cycles did show a consistent adherence to Fibonacci levels, with rallies following after retracements.
The ongoing third cycle, spanning from 2021 to 2024, has shown comparable trends. Following a correction after the 2021 bull run, Dogecoin stabilized near $0.0604 before entering a recovery phase.
Current price movements suggest the cryptocurrency has tested the 0.618 Fibonacci retracement level, aligning with the behavior observed in prior cycles. Javon’s projection places Dogecoin’s next target near the 1.618 Fibonacci extension at $2.30, pending favorable market conditions.
Technical Indicators and Support Levels
Recent data indicates that Dogecoin’s price peaked at approximately $0.476 in November 2024 before entering a corrective phase. Currently trading around $0.325, the cryptocurrency finds support at $0.28 and faces resistance near $0.39 and $0.43.
Moving averages further complement these observations. The 50-period moving average (MA50), which tracks short-term price trends, rose sharply during October’s breakout but has since flattened, reflecting the correction.
Source: Santiment
Meanwhile, the 200-period moving average (MA200) continues its upward movement, suggesting broader market optimism. Importantly, Dogecoin’s price remains above the MA200, suggesting the longer-term trend remains intact.
Volume Trends Show Market Uncertainty
Volume analysis reveals that Dogecoin’s October-November rally was accompanied by notable trading activity, confirming strong buying interest. However, trading volumes have tapered off in December, reflecting reduced market conviction during the correction phase. Current subdued volumes indicate a cautious stance among market participants as they await clearer signals for DOGE’s next move.
As Javon notes, breaking key resistance levels near $0.39 could lead to a renewed upward rally, potentially driving the price toward its projected target above $2. Failure to maintain support near $0.28 may trigger further declines, with the MA200 providing the next critical level.
