Dogecoin (DOGE), the popular meme coin, has been making waves in the cryptocurrency market, currently trading above $0.40. While the asset has experienced a recent decline from its November high of $0.48, it continues to mirror Bitcoin’s price movements.
Analyst Forecasts a Triple-Digit Percentage Gain
Cryptocurrency analyst Javon Marks has made a bold prediction about Dogecoin’s potential trajectory. In a recent tweet, Marks suggested that DOGE could surge by a staggering three-figure percentage to reach a price of $2.28 during the current bull cycle.
$DOGE (Dogecoin) looks to be in midst of its 3rd Bull Cycle performance and based on prior cyclical displays in price, according to Fibonacci Extension, prices can be poised for a move to and above the 1.618 Fib Extension level, which is currently over 405% away at $2.28 ⚡️ pic.twitter.com/I6AgRead8Y
— JAVON⚡️MARKS (@JavonTM1) December 1, 2024
Marks’ analysis is based on historical patterns observed in Dogecoin’s previous bull cycles. He noted that the meme coin has historically rallied from its market bottom to the 1.618 Fibonacci extension level. By applying this pattern to the current cycle, Marks identified a potential target price of $2.28.
Short-Term Outlook: A Bullish Cup and Handle Pattern
In the short term, another analysis from Rose Premium Signals indicates a potential upside for Dogecoin. The firm has identified a bullish cup and handle pattern forming on the DOGE/USDT 1-day chart. A breakout from this pattern could propel the price of Dogecoin to levels as high as $0.77.
Technical Analysis for $DOGE/USDT
— Rose Premium Signals 🌹 (@VipRoseTr) December 1, 2024
The chart displays a Cup and Handle pattern, a classic bullish continuation signal, forming above the support zone around $0.35985 – $0.30688.
The breakout above the handle's resistance level signals strong upward momentum, targeting higher… pic.twitter.com/4XZdB4XP09
While Dogecoin has experienced a slight correction in the past 24 hours, its long-term outlook remains optimistic. With a market capitalization of over $60 billion, DOGE continues to attract significant attention from both retail and institutional investors.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.