Unlike other meme currencies on the market, Dogecoin has its price Showed flexibilityleading to a strong recovery after weeks of falling and consolidating prices. Highlight this strength and History of upside performancea cryptocurrency analyst predicted that Doge will resume its bullish momentum and possibly push its price to all-time highs of $2.2.
Dogecoin price is expected to reach $2.2
Dogecoin is attracting the attention of the cryptocurrency market once again The price continues to risedriving it Donald Trump’s presidencyThe influence of Elon Musk, and the general bull market hype. Earlier this week, these bullish factors pushed DOGE price significantly above the $0.4 level.
Although the currency is a meme There was a slight decline About $0.38, Javon Marks, a prominent cryptocurrency analyst, announced in an X (formerly Twitter) mail Dogecoin is still showing great strength. The analyst shared a technical analysis of DOGE, explaining how the memecoin could rise to new ATHs of $2.28 based on Recurring historical presentations.
According to the chart, Dogecoin price cycles have consistently followed a pattern of prolonged consolidation before seeing a decline. Sharp upward breakout. Marx’s technical analysis divides the meme into three distinct cycles, each showing a recurring uptrend.
The first two cycles, from 2014 to 2021, showed that DOGE traded within a range before reaching all-time highs. in The third and current sessionAs of 2021, Dogecoin appears to be approaching the upper range of its consolidation zone, indicating the potential for another breakout, similar to historical performance.
Using Fibonacci extension levels, Marks is determined Next target price for Dogecoin. A repeat of previous trends is expected to push Dogecoin by more than 436%, which could push its price to or above the 1.618 Fibonacci level at $2.28.
The analyst’s detailed chart suggests that Dogecoin’s past cycle performance can serve as a blueprint for how the cryptocurrency could gradually become… Go up to a new ATH. As of the time of writing, DOGE price is trading at $0.375, representing a solid 14.8% increase over the past seven days. The new currency continues to… Shows signs of recovery Despite the long consolidation phase.
Is it still too early for DOGE investors?
Marx also shares his Bullish forecast for DogecoinHe also noted that now might be a good time for investors to consider DOGE. With the price of Dogecoin remaining within a range Unification area Currently down 3.8%, according to CoinMarketCap, the meme offers a lower entry point before its expected breakout towards the $2.28 target.
Marks revealed that investors are “still early”, highlighting an opportunity to enter the market ahead of the potential rally. However, caution is advised as the volatile nature of meme coins like DOGE can lead to sudden price fluctuations, making it a high-risk investment.
Featured image from Adobe Stock, chart from Tradingview.com
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