The price of Dogecoin has remained relatively stable lately, with investors showing more interest in the newly launched meme coins by Donald Trump and Melania Trump. Despite a lack of movement this year for DOGE, analysts are optimistic about its long-term prospects due to potential technical indicators like Fibonacci Retracement levels and other technical patterns.
Dogecoin Price Fibonacci Levels Point to Gains
In a recent post on X, renowned analyst Surf on X employs Fibonacci Retracement levels as a means of forecasting potential long-term growth for the coin. If accurate, this prediction suggests a substantial surge towards approximately $10 could occur. A price reach of $9 would indicate an astonishing 2,300% increase from its current value, significantly expanding its market capitalization beyond the existing $54 billion to over $1.3 trillion.
Fibonacci levels, widely used in trading, originate from an old mathematical pattern known as the Fibonacci series. In this sequence, each number results from adding up the two preceding numbers.
Short-Term Target for DOGE Price
Previously, a different expert employed a two-week graph to pinpoint the near-term Dogecoin price objective in another article. They discovered that the cryptocurrency has frequently exhibited a pattern of successive higher peaks and troughs since 2016.
Starting from its lowest point in 2016, the value of DOGE skyrocketed more than 9,225% by reaching its highest level in 2018. Later on, between 2020 and 2021, it experienced another surge of over 30,000%, largely due to Elon Musk’s influence. Currently, it has climbed more than 770% from its 2022 lows. Given these trends, he anticipates that the upcoming bull run might drive it up to at least $4.2 in the coming period.
Long-Term Prediction For Dogecoin Price
As a fellow crypto analyst, I concur with Ali Martinez’s perspective on Dogecoin (DOGE). He points out that since its inception in 2017, DOGE has been moving within an ascending channel – a pattern suggesting potential upward momentum. Currently, the coin is approaching the lower boundary of this channel. If this trend continues, we might soon observe DOGE surpassing the middle line of its channel, potentially indicating further price increases.
If the SEC approves a Dogecoin Exchange-Traded Fund (ETF) and if the cryptocurrency market rally continues strongly, it is anticipated that the price of Dogecoin could potentially surge to more than $15 in the long term, representing an increase of approximately 4,000%.
Key DOGE Levels To Watch
Over the last couple of weeks, as depicted on our two-week graph, Dogecoin’s price appears to be stabilizing after experiencing a parabolic surge in November. This stabilization has resulted in the formation of a bullish pennant pattern, which often suggests a powerful bullish breakout is imminent.
For this scenario, the price where we might expect resistance to rise is around $0.4837, which marks the upper part of the pennant formation. Conversely, a potential support level to keep an eye on lies at $0.2635, representing the lower boundary of the pennant. If the price drops below this support point, it could challenge the optimistic outlook for DOGE.
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2025-01-20 18:54