- Market analyst Javon Marks forecasts a potential 457% increase in the price of Dogecoin, predicting that it could reach $2.28 based on historical bull cycle patterns.
- DOGE price action shows a bullish pennant formation, signaling a likely breakout higher.
Dogecoin (DOGE) saw a price retracement over the past 24 hours after failing to breach resistance at its intraday high $0.4602. Despite the price retracement, there has been significant whale activity, with over $100 million worth of DOGE transferred, indicating increased market interest.
Major Whale Transactions for Dogecoin
Two recent transactions with Dogecoin totaled approximately 249 million DOGE, or approximately $102 million. First, 131 million DOGE was transferred from an unknown wallet to Coinbase. A second transaction saw 117 million DOGE transferred from Binance to another unknown wallet.
These high-value trades suggest strategic positioning, perhaps in anticipation of future price movement. In fact, whale activity can often be linked to market volatility, and these transfers demonstrate growing interest in DOGE, which is trading above $0.40.
The rise to power Dogecoin derivatives trading volume of 77%, according to the CNF report, highlights the growing demand for the asset. For many analysts, this trend is indicative of a future price fluctuation, as they expect the king of meme coins. to act soon.
Analyst predicts DOGE price could reach $2.28
Market analyst Javon Marks predicts that the price of Dogecoin will increase by 400% compared to historical patterns and technical analysis. According to Marks, the cryptocurrency is in its third major bull cycle, following the same pattern that characterized the 2017 and 2021 cycles.
Historical data indicates that during its previous bull cycles, Dogecoin price always reached the 1.618 Fibonacci extension level after starting from the market low. For example, in 2017, DOGE rose from $0.00009 to a high of $0.8750, and in 2021, the asset rose from $0.00168 to its all-time high of $0.73995.
As Marks noted, DOGE price could easily repeat the same pattern seen above. Therefore, the prevailing trend may well take the coin’s price from its recent low of $0.06004 to the Fibonacci level of $1.618 – $2.28. This would translate into a fantastic 457% increase from its current spot price of around $0.42.
Bullish technical indicators
Dogecoin price action charts show a pattern formation indicating a bullish pennant – the continuation form and which most likely leads to the subsequent direction of an upward breakout – after showing significant price growth, DOGE is consolidates below $0.42, indicating that it would bounce once before breaking above. .
The key resistance levels at $0.45 and $0.50 are critical for Dogecoin’s upward trajectory. Removing these levels could lead the price towards $0.65, which is consistent with historical patterns where DOGE has posted significant gains after periods of consolidation. reported CNF.
As DOGE price continues to consolidate, its nearby support lies at $0.40, which has provided stability in recent trading sessions. If this support holds, it may attempt to break above the $0.45 resistance level and could open further up to the $0.50 mark.
However, failure to hold the $0.40 support level could result in a pullback, with the next important support level set at $0.35. Traders and analysts are watching these levels closely as Dogecoin prepares for its next move.