Unlike other meme coins on the market, the price of Dogecoin has demonstrated resiliencemaking a strong recovery after weeks of falling prices and consolidation. Highlight this strength and bullish performance historyone crypto analyst predicted that Doge could resume its upward momentum and potentially drive its price to new all-time highs of $2.2.
Dogecoin Price Expected to Reach $2.2
Dogecoin is once again attracting attention from the crypto market with its the price continues to risedriven by The presidency of Donald Trumpthe influence of Elon Musk and the general hype of the bull market. Earlier this week, these bullish factors pushed the DOGE price significantly above the $0.4 mark.
Although the room itself experienced a slight decline towards $0.38, said Javon Marks, a prominent crypto analyst, in an X (formerly Twitter) job that Dogecoin is still showing significant strength. The analyst shared a technical analysis of DOGE, explaining how the meme coin can reach new ATHs of $2.28 based on recurring historical performance.
According to the chart, Dogecoin price cycles have consistently followed a prolonged consolidation pattern before experiencing a strong bullish breakout. Marks’ technical analysis divides the meme coin into three distinct cycles, each showing a recurring uptrend.
The first two cycles, from 2014 to 2021, showed DOGE trading within a defined range before reaching new all-time highs. In the third and current cycleAs of 2021, Dogecoin appears to be approaching the upper range of its consolidation zone, suggesting the potential for another breakout, similar to historical performance.
Using Fibonacci expansion levels, Marks identified Dogecoin’s Next Price Target. He predicts that a repeat of past trends could propel Dogecoin by over 436%, potentially pushing its price at or above the Fibonacci level of $1.618 to $2.28.
The analyst’s detailed chart suggests that Dogecoin’s past cycle performance could serve as a model, showing how the cryptocurrency could gradually reach a new ATH. At the time of writing, DOGE price is trading at $0.375, marking a solid 14.8% increase over the past seven days. The new piece continues to show signs of recovery despite its long consolidation phase.
Is it still early for DOGE investors?
As Marks shares his bullish prediction for Dogecoinhe also suggested that now could be a good time for investors to consider DOGE. Dogecoin price still range-bound consolidation zone and currently down 3.8%, according to CoinMarketCap, the meme coin offers a lower entry point before its expected breakout towards the $2.28 target.
Marks revealed that investors could “still be ahead”, highlighting an opportunity to enter the market ahead of a possible rise. Still, caution is advised as the volatile nature of meme coins like DOGE can lead to sudden price fluctuations, making them a high-risk investment.
Featured image of Adobe Stock, chart from Tradingview.com