Despite recent price fluctuations, Dogecoin ($DOGE ) remains in the spotlight, with analysts projecting a massive bullish breakout. Javon Marks, a well-known financial analyst, has expressed confidence that DOGE could surge over 600%, potentially pushing its value beyond $2.28 in the upcoming market cycle.
Historical Trends Suggest a Major Move Ahead
In a recent post on X, Marks highlighted that Dogecoin’s price action remains structurally intact, even after its recent dip to $0.30. He pointed to historical patterns that indicate DOGE could experience another explosive rally, similar to previous cycles. The 1.618 Fibonacci extension level, which stands at $2.2, aligns with this prediction, further reinforcing the bullish outlook.
Adding to this optimism, analyst Trader Targaryd has drawn parallels between Dogecoin’s previous surges in 2017 and 2021, when the meme coin skyrocketed 3,000% and 8,000%, respectively. Based on this pattern, he speculates that DOGE could even reach $20 if similar momentum repeats in this bull cycle.
Short-Term Corrections Before the Big Move?
While long-term projections appear bullish, analyst Bahdarak cautions that DOGE could temporarily drop to $0.26 before initiating its next parabolic rally. This decline, he explains, is part of a wave C correction, after which Dogecoin could reclaim $0.50 as the first significant upside target.
Meanwhile, Master Kenobi, another prominent market analyst, observed that DOGE recently failed to touch a key trendline during its latest drop. He remains uncertain whether this suggests a further correction or an immediate reversal, but his previous forecast anticipates a 3x increase to $1.05 between February and March.
Momentum Shifting from Bearish to Bullish?
A potential bullish MACD crossover is forming on the 4-hour chart, according to Trader Targaryd, signaling a shift in short-term momentum from bearish to bullish. If this crossover confirms, it could serve as an early indication of an incoming breakout, supporting the overall positive sentiment surrounding Dogecoin.
At the time of writing, DOGE is trading around $0.32, reflecting an 8% decline in the last 24 hours, according to CoinMarketCap data. While short-term volatility remains, market analysts continue to project substantial upside potential, making Dogecoin a coin to watch in the coming months.
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