Analyst Javon Marks has updated his perspectives for Dogecoin, predicting a potential increase of 600% to $ 2.28 on the basis of historical price models.
Dogecoin experienced a major price drop on Monday, lowering below $ 0.31 as technological actions dropped. However, the room even resumed the ground on Tuesday, rising to $ 0.3,345. This recovery marked an increase of 5.85% in 24 hours, although the cryptocurrency was down 2.33% in last week.
In the middle of this fluctuation, analyst Javon Marks has highlighted Dogine’s Historical price trends, indicating its recurring market cycles. Its analysis described three distinct phases, each involving accumulation, break, price increase and subsequent correction.
Based on these models, brands suggested This Dogecoin remains on the right track for another bullish movement.
Dogecoin Road at $ 2.28
According to Marks, the movements of historic prices indicate the potential of a rally greater than 600%, pushing Dogecoin at around $ 2.28.
Marks previously noted that the level of extension of Fibonacci 1.618 of Dogecoin aligns with this target. Its past projection of January 17 suggested that an increase of 432% could be the minimum gain for crypto if past trends are repeated. This increase could have pushed Dogecoin to $ 2,28758.
Meanwhile, another analyst, Balo, compared The current position of Dogecoin to its 2017 Taurus races and 2021. He observed that during the last two cycles, the 20 -week exponential mobile average (EMA) was a level of critical support throughout the Haussier market.
In addition, he stressed that Dogecoin never plunged below the Fibonacci 0.618 retracement level after having exceeded it. Currently, the cryptocurrency is positioned at the 20-week EMA and at the Fibonacci level of 0.618, suggesting strong support for higher levels.
Whale accumulation increases over 90 days
Elsewhere, recent data inputs that follow the holders of carriers in Dogecoin portfolios show a significant increase in the accumulation of whales. In the last seven days, Entries increased 5.33%, marking a moderate weekly increase.
However, the last 30 days have experienced a much larger increase of 323.86%, reflecting the growing interests of high net investors. More specifically, the entries in the last 90 days have skyrocketed with 3,722.46%.
When the whales accumulate, the power supply decreases, often leading to upward pressure. This accumulation trend suggests that the main investors continue to build their positions in Dogecoin despite the recent market volatility.
Difles: This content is informative and should not be considered financial advice. The opinions expressed in this article may include the author’s personal opinions and do not reflect the basic opinion of cryptography. Readers are encouraged to do in -depth research before making investment decisions. The Crypto Basic is not responsible for financial losses.