Unlike other meme coins out there, the Dogecoin price has demonstrated resilience, making a robust recovery after weeks of price declines and consolidation. Highlighting this strength and history of bullish performances, a crypto analyst has predicted that Doge could resume its upward momentum and potentially drive its price to latest all-time highs of $2.2.
Dogecoin Price Forecasted To Reach $2.2
Dogecoin is capturing the eye of the crypto market once more as its price continues to rise, driven by Donald Trump’s presidency, Elon Musk’s influence, and the general hype of the bull market. Earlier this week, these bullish aspects pushed the DOGE price significantly above the $0.4 mark.
Although the meme coin experienced a slight pullback towards $0.38, Javon Marks, a outstanding crypto analyst, declared in an X (formerly Twitter) post that Dogecoin remains to be showing significant strength. The analyst shared a technical evaluation of DOGE, explaining how the meme coin can rise to latest ATHs of $2.28 based on recurrent historical performances.
Based on the chart, Dogecoin’s price cycles have consistently followed a pattern of prolonged consolidation before experiencing a sharp upward breakout. Marks’ technical evaluation divides the meme coin into three distinct cycles, each showing a recurring bullish trend.
The primary two cycles, from 2014 to 2021, showed that DOGE had traded inside an outlined range before breaking out to latest all-time highs. In the third and current cycle, ranging from 2021, Dogecoin appears to be approaching the upper range of its consolidation zone, suggesting the potential for an additional breakout, much like historical performances.
Using Fibonacci extension levels, Marks pinpointed Dogecoin’s next price goal. He forecasts that repeating past trends could propel Dogecoin by over 436%, potentially pushing its price to or above the 1.618 Fibonacci level at $2.28.
The analyst’s detailed chart suggests that Dogecoin’s past cycle performances could function a blueprint, showing how the cryptocurrency could progressively rise to a fresh ATH. As of writing, the worth of DOGE is trading at $0.375, marking a solid 14.8% increase over the past seven days. The brand new coin continues to show signs of a recovery despite its long consolidation phase.
Is It Still Early For DOGE Investors?
As Marks shares his bullish prediction for Dogecoin, he also suggested that now could also be a positive time for investors to contemplate DOGE. With Dogecoin’s price still throughout the consolidation zone and currently down by 3.8%, based on CoinMarketCap, the meme coin provides a lower entry point ahead of its projected breakout toward the $2.28 goal.
Marks disclosed that investors could “still be early,” highlighting a possibility to enter the market before a possible surge. Nevertheless, caution is suggested because the volatile nature of meme coins like DOGE can result in sudden price swings, making them a high-risk investment.
Featured image from Adobe Stock, chart from Tradingview.com