Dogecoin has been quietly accumulating, much like it did before its previous big price jumps. While it might seem sleepy right now, some analysts think a big breakout is coming.
Fibonacci and Dogecoin: A History of Success
Crypto analyst Javon Marks noticed something interesting: Dogecoin’s price seems to follow a Fibonacci pattern. Specifically, the 1.618 Fibonacci extension level has been a key indicator in the past.
Let’s look at the past two cycles:
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Cycle 1 (2014-2017): Dogecoin went from around $0.00009 to over $0.007, a massive increase. This was after surpassing the 1.618 Fibonacci extension.
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Cycle 2 (2017-2021): History repeated itself. Dogecoin climbed from around $0.00168 to its all-time high of about $0.73, again exceeding the 1.618 Fibonacci level.
The Prediction: $2.28 and Beyond
Based on this pattern, and using the 2022 bear market low as the starting point for Cycle 3, the 1.618 Fibonacci extension level comes out to roughly $2.28. That’s a huge potential increase from the current price!
Even surpassing the 1.618 level isn’t out of the question. In the past, Dogecoin has not only hit but also exceeded these Fibonacci targets, setting the stage for even higher prices in the future.
What This Means for Dogecoin
If Dogecoin hits $2.28, it would complete a third successful cycle. This could solidify its position above $1, even during the next bear market. It’s a bold prediction, but based on past performance, it’s certainly possible. Currently, Dogecoin is trading around $0.19, showing some recent upward momentum.
