Renowned market analyst Javon Marks claims that Dogecoin would aim to rise to new highs, citing the bullish historical performance of the cyclical market.
In today’s day Dogecoin (DOGE) the news, the asset continues to trade above $0.4000, but down more than 17% from November’s monthly high of $0.4800. The leading meme coin has maintained this provision, reflecting Bitcoin’s recent price action.
As market participants continue to observe Dogecoin’s performance, analyst Javon Marks speculated on the asset’s cyclical endgame. On December 1st tweetthe expert speculated that Dogecoin would aim for a triple-digit percentage rise to $2.28 this bull cycle.
Dogecoin at $2.28
Marks noted that Dogecoin is in the third bull cycle of its life. Historically, the market expert mentioned that the leading meme coin went from its market low to the 1.618 Fibonacci extension during the last two bull cycles.
In an attached chart, Marks identified the upward trend, as seen in the 2017 and 2021 bull cycles. According to the chart, DOGE has been rising since the market bottom at $0.00009 and has peaked a little above the 1.618 Fibonacci level at $0.8750.
A similar trend occurred during the 2021 bull cycle, where DOGE surged from the lows at $0.00168 to the same Fibonacci extension. The meme coin peaked at its current ATH at $0.73995, still within the 1.618 Fibonacci range.
As a result, Marks expects a similar outcome for Dogecoin this cycle. His analysis shows that Dogecoin’s cycle low is $0.06004 and its Fibonacci extension is 1.618 from the price level. is $2.28.
Therefore, the analyst expects a further 457% upside from the current price from the Fibonacci extension. Notably, data from other cycles shows DOGE moving a bit away from the Fibonacci level, suggesting the asset could see a bigger rally from $2.28 if history repeats itself.
Short-term Dogecoin analysis
Meanwhile, an analysis by Rose Premium Signals shows that Dogecoin could reach $0.77148. Sunday analysis suggests that the meme coin could rise by 87.5% from the current market price, citing an impending breakout from a bullish price structure.
Rose Premium cited a developing cup and handle pattern on the DOGE/USDT 1D timeframe. According to the commentary, Dogecoin is forming an uptrend near its support zone between $0.35985 and $0.30688.
Meanwhile, a break of the handle resistance would trigger a three-level uptrend of profit-taking. The analyst mentioned that Dogecoin would reach $0.51483$0.64038 and $0.77148.
Notably, DOGE corrected by 3.44% over the past 24 hours, trading at $0.4128 at press time. The token ranks as the 7th largest crypto asset, with a market capitalization of $60.7 billion.
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