According to analyst Rekt Capital, the price of Dogecoin (DOGE) has increased by 350% from the recent cycle's lows. Many analysts believe there is still significant upside potential in the current market cycle. The latest rally of the meme coin occurs amid a more optimistic market backdrop and technical indicators suggesting further gains.
Dogecoin surged 350% from generational lows.
Rekt Capital highlights DOGE's 350% recovery from what he describes as a 'generational bottom'.
He emphasizes that this token has ample room for growth in the current cycle. This assessment aligns with Ali's technical analysis.
Ali predicts a potential target price ranging from $3.95 to $23.26, based on Fibonacci extension levels of 1.618 and 2.272 respectively.
Dogecoin increased by 88.5% in seven days.
According to CoinGecko data, DOGE is currently trading with impressive growth across multiple time frames.
This token has recorded a 21.9% increase in the last 24 hours. The 24-hour trading range is from $0.2367 to $0.3003.
Weekly performance shows an increase of 88.5%, while the monthly price increase exceeds 159%.
Despite these gains, DOGE is still down 60.4% from its all-time high of $0.7316 reached in May 2021.
DOGE golden cross
Technical analyst Milkybull Crypto has identified the formation of a golden cross on DOGE's weekly chart. This is a technical indicator that often precedes significant price movements.
The analyst compared this to Q4 2020, when a similar pattern occurred before what they describe as a 'life-changing rally'.
Based on Fibonacci analysis, Milkybull predicts a potential target price in this cycle ranging from $2 to $4.
The current price surge mirrors previous DOGE rallies, particularly the historic surge in 2021 when the token's price reached an all-time high.
The formation of a golden cross on the weekly timeframe, along with strong fundamental momentum and overall market strength, suggests the opportunity for continued price increases.