#Dogecoin Price Could Rise 600% in April: Crypto Analyst
According to crypto researcher Analsyt, meme currency leader Dogecoin's technical charts offer optimistic signs that might foreshadow a rise. He spoke via X:
Dogecoin is still the most significant cryptocurrency in this area, but I think degens are distracted by the new sparkling memecoins. DOG seems to follow the 2018-2021 trend technically. If true, #DOGE may be starting a tremendous parabolic bull run!
With the March monthly close, Dogecoin surpassed the 0.5 Fibonacci retracement line of the downtrend at $0.19057, suggesting additional upward. DOGE traded for $0.2072 at press time, up 86% in March.
The chart's Fibonacci retracement levels are based on past market cycles' swing high and low. The immediate objective for Dogecoin if it follows Fibonacci levels is 0.618 at $0.26241, followed by 0.786 at $0.41376 and the all-time high at $0.73905.
Fibonacci extension levels into price discovery include $1.54481 (1.272 Fib level), $2.27007 (1.414 Fib level), $3.94628 (1.618 Fib level), and $6.22241. These data show potential resistance points if the price continues to rise.
Martinez also projected Dogecoin's price behavior from the 2018-2021 bull market, seen in light gray on the chart. DOGE's expected trajectory from prior prices implies a parabolic climb. History suggests the DOGE price might soar in April.
Martinez predicts a 600% gain for Dogecoin to roughly $1.5 by April if it follows the historical trend. The Fibonacci extension levels support this price goal, with $1.54481 (1.272 Fib) being a potential obstacle.
The $DOGE price may then decelerate down and consolidate between the previous all-time high and the 1,272 Fib for months. The rally may continue, Martinez said.
In another explosive move, DOGE might soar over $1.50 and smash Fib levels at $2.27007 (1.414), $3.94628 (1.618), and $6.22241 (1.786) before the rally pauses at little over $6.30. According to the researcher, Dogecoin might reach a cycle high by breaking over $11.11 (2.0 Fib level).
