Analyst Javon Marks predicts that the price of Dogecoin (DOGE) may rise by more than 570%.
Based on the 1.618 Fibonacci Extension level, the analyst’s tweet projected a possible rise to $2.28 by highlighting historical price trends in Dogecoin’s chart. Dogecoin’s regular price cycles, which have continuously shown comparable patterns, are the basis for the analysis.
DOGE’s Historical Price Cycles Indicate Recurrent Patterns
The analysis identifies three distinct price cycles in Dogecoin’s history, each marked by a descending triangle consolidation phase before a breakout.
Dogecoin formed a falling triangle with lower highs and steady lows during the first cycle. The cycle ended with a strong rally that hit the 1.618 Fibonacci Extension following a breach above the falling resistance line.
$DOGE (Dogecoin) Update:The history hasn't changed and still points to a fairly high likeliness of a price run to AND ABOVE the 1.618 Fib Extension level as it did every cycle prior to this and this time around, that'd result in a more than 570% increase from here to $2.28+! https://t.co/BtYB3vaWHH pic.twitter.com/Fdvqb7FtCW
— JAVON MARKS (@JavonTM1) December 25, 2024
The second cycle mirrored the first, with a similar consolidation phase in a descending triangle. After breaking out, Dogecoin rallied to a slightly higher level than the 1.618 Fibonacci Extension, continuing the established pattern.
In the current cycle, Dogecoin has recently broken out of another descending triangle. The price is now moving toward the 1.618 Fibonacci Extension level, projected at $2.28. This cycle aligns closely with the patterns observed in previous cycles, supporting the possibility of a comparable rally.
Fibonacci Levels and Key Chart Patterns
The analysis emphasizes the importance of Fibonacci levels, specifically the 1.618 Fibonacci Extension, which has served as a key target in prior cycles. In this instance, the extension corresponds to $2.28, indicating the next resistance level.
Descending triangles, observed in each cycle, represent a consolidation phase that precedes a breakout. These patterns have consistently led to substantial price movements.
Key support zones, marked by horizontal lines on the chart, highlight areas of historical buying interest that have helped stabilize Dogecoin’s price during previous cycles.
Read also: Expert Maps Stellar (XLM) Price Path to $1, But There’s a Catch
Analyst’s Prediction and Market Implications
Javon Marks’ projection suggests that if Dogecoin’s current breakout follows historical trends, the price could rally to the $2.28 Fibonacci target. This would represent a substantial increase from the token’s current level.
Traders and market participants should watch closely as the breakout continues to develop, with volume and momentum likely to play a critical role in determining whether the target is reached.
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