Analysis Estimates Dogecoin Price Above $2.8
After a two-month price increase, Dogecoin is presently in a bearish scenario. However, technical analysis reveals that the top meme currency is still positive on the longer term.
Crypto expert Javon Marks predicted a 570% surge for Dogecoin if it breaks over the 1.0 Fibonacci extension line on the 2-week candlestick chart.
A Dogecoin technical analysis made on social networking site X by Javon Marks indicates that the cryptocurrency is in its third major bullish cycle since its launch. Marks believes Dogecoin is poised to rise 570% from its present price based on its prior two bullish cycles.
He identified 1.618 as the first bullish goal this cycle using the Fibonacci extension indicator. This is because the past two cycles have broken above this Fib level when projected from the bearish phase's bottom. Dogecoin has exceeded this level on each bull run.
Dogecoin rebounding off a reasonably steady support level has accentuated bearish episodes, as seen in the chart below. Bullish candles shatter the previous cycle's all-time high after this price movement.
Third Dogecoin cycle is going the same way. Meme currency seems to have encountered resistance on its route to regaining the previous cycle's all-time high of $0.7316. The Dogecoin price has been correcting since early December, when it was repeatedly rejected at $0.475.
Dogecoin is now priced at $0.316, down 50% from December 8. The top meme currency is down 12.5% in the previous week, according to Coinmarketcap. Crypto expert Javon Marks says history hasn't altered and prices are likely to go to Fib extension levels and new all-time highs.
Dogecoin's cyclical price movements are characterized by repeated breaks above the 1.0 and 1.618 Fib extension levels from the bearish market bottom. Current negative momentum rests on a breach over the 1.0 Fib extension barrier, around $0.569. Breaking over this level would allow Dogecoin bulls to test its all-time high.
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