As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless trends and cycles come and go. However, the current bull run for Dogecoin has piqued my interest like never before.
Currently, the value of Dogecoin is being exchanged within a bearish pattern, as it adjusts after an impressive rise in price over the last two months. However, technical analysis indicates that this popular meme coin might still be following a bullish trend when viewed from a broader perspective.
In examining Dogecoin’s price trends over a two-week period on a candlestick chart, crypto expert Javon Marks has predicted a potential 570% surge in DOGE‘s value, given that it manages to exceed the 1.0 Fibonacci extension threshold.
Fibonacci Extension Indicates Bullish Momentum
Based on an analysis shared by Javon Marks on social media platform X, it appears that Dogecoin is in the middle of its third significant upward trend since its inception. Comparing Dogecoin’s past market behavior during its previous two bullish phases, Marks proposes that the digital currency could potentially surge by around 570% from its current value if we follow historical patterns.
By employing the Fibonacci extension indicator, he identified 1.618 as the initial significant bullish goal for this cycle. This is due to the fact that the previous two cycles have been marked by a rise beyond this Fibonacci level when plotted from the low of the preceding bearish phase. Consequently, Dogecoin has exceeded this level during each of its past price surges.
As shown in the graph, periods of bearishness for Dogecoin are emphasized as it consistently bounces back from a stable support line. This pattern is often followed by robust bullish movements that surge past the highest price point ever reached within the preceding cycle.
Right now, the third phase of Dogecoin is following a similar pattern. Interestingly, this meme coin has run into a significant barrier as it strives to reach its previous peak of $0.7316. Specifically, the price of Dogecoin has been denied multiple times at approximately $0.475 in early December, leading to a downward trend since then.
As I write this, Dogecoin is being sold for approximately $0.316. This represents a 50% drop in value since December 8th. Moreover, information from Coinmarketcap indicates that the popular meme coin has decreased by 12.5% over the last week. However, crypto expert Javon Marks posits that past trends continue to suggest a strong possibility of a price surge towards Fib extension levels and potential new record highs.
Analysis Puts Dogecoin Price Beyond $2.8
As an analyst, I’ve observed that Dogecoin’s price fluctuations follow a distinct pattern, with consistent breakthroughs above key Fibonacci extension levels during uptrends, specifically 1.0 and 1.618, following the bear market low. Presently, the market trend is bearish, but a shift could occur if we surpass an initial hurdle – a break above the 1.0 Fib extension level, approximately $0.569. Overcoming this threshold would pave the way for Dogecoin bulls to aim for its current record high.
If historical patterns hold true for the current cycle, Dogecoin may surpass the 1.618 Fibonacci extension level, potentially reaching approximately $2.28. Given this bullish trajectory, Dogecoin’s price might continue to climb and reach additional significant price points.
Read More
- USD MXN PREDICTION
- XRP PREDICTION. XRP cryptocurrency
- RSR PREDICTION. RSR cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- ZIG PREDICTION. ZIG cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- EUR CAD PREDICTION
- NTRN PREDICTION. NTRN cryptocurrency
2024-12-26 20:11