A prominent market analyst expects Dogecoin (DOGE) to skyrocket more than 7,000% this cycle, citing historical price fractals.
Meteoric Price Forecast For Dogecoin (DOGE) keeps coming hard and fast despite recent difficulties in the crypto market. In the latest case, one analyst doubled down on his bullish calls while highlighting the possibility of an even higher price target.
Dogecoin (DOGE) at $23?
Prominent crypto analyst Ali Martinez has set another ambitious price target for Dogecoin, the leading dog-themed coin.
In an X post On Saturday, December 28, Martinez claimed that DOGE could trade as high as $23 in the current market cycle. The most recent call follows a previous prediction of a potential run up to the price of $18 just a week ago.
Dogecoin (DOGE) Price Fractals
Martinez based his latest projection on the concept of fractals. Fractal theory suggests that beneath the seemingly chaotic nature of markets lie repetitive patterns and trends, which also recur indefinitely on smaller scales.
Martinez combines the concept of fractals with the Fibonacci expansion tool on DOGE’s weekly candle chart to suggest that the asset’s price has reproduced the same pattern over the years.
For years, Dogecoin will trade in a descending triangle and break out to new highs in a bull cycle. According to the analyst’s chart, these new highs are historically around the 1.618 and 2.272 Fibonacci levels from the cycle lows.
Weekly Dogecoin candle chart. Source: Ali Martinez During the 2017/2018 bull market, this trend saw DOGE jump over 20,500%, from a low of $0.00009 in 2015 to a high of $0.01855 in January 2018, corresponding to the Fibonacci level of 1.618. In 2021, a repeat of this trend saw a nearly 55,000% surge to all-time highs of $0.73451, matching 2.272 Fibonacci levels from 2020 lows of $0.00134.
As Martinez pointed out, this year DOGE broke out of a similar descending triangle pattern on the weekly chart with targets of 1.618 and 2.272 at $4 and $23, respectively, representing over 1,100% and 7 150% gains from current prices of $0.31715, respectively.
According to Martinez’s chart, DOGE’s breakout to new highs is typically punctuated by two significant corrections that resemble miniature descending triangles, lasting between 20 and 43 weeks combined. The chart suggests that the market is potentially in one of these correction phases at the time of writing.
Ali Martinez is not the only analyst trying to predict the Dogecoin peak using the Fibonacci tool and historical price action. Using similar concepts, a prominent analyst Javon Brand Set a more conservative initial price target of $2.28 for DOGE in the current market cycle, aligning with its Fibonacci level set at 1.618.
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