Unlike other meme coins in the market, Dogecoin price Proven resilienceAfter weeks of price declines and consolidation, the company recovered strongly. Highlighting this strength and History of bullish performancesa crypto analyst has predicted that Doge could resume its uptrend and potentially push its price to a new all-time high of $2.2.
Dogecoin price is expected to reach $2.2
Dogecoin is once again attracting the attention of the crypto market The price continues to risepowered by Donald Trump’s presidencyElon Musk’s influence and the general bull market hype. Earlier this week, these bullish factors pushed DOGE price well above the $0.4 mark.
Although the meme coin experienced a slight decline towards $0.38, stated Javon Marks, a well-known crypto analyst, in an X (formerly Twitter) post that Dogecoin is still showing significant strength. The analyst shared a technical analysis of DOGE and explained how the meme coin can rise to new ATHs of $2.28 recurring historical performances.
According to the chart, Dogecoin price cycles have consistently followed a pattern of prolonged consolidation before a decline sharp breakout upwards. Marks’ technical analysis divides the meme coin into three distinct cycles, each with 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 reaches of its consolidation zone, suggesting the possibility of another breakout similar to historical performances.
Using Fibonacci expansion levels, Marks pinpointed it Dogecoin’s next price target. He predicts that a repeat of past trends could boost Dogecoin by over 436% and potentially push its price to or above the 1.618 Fibonacci level at $2.28.
The analyst’s detailed chart suggests that Dogecoin’s performance in past cycles could serve as a blueprint showing how the cryptocurrency could evolve incrementally Rising to a new ATH. At the time of writing, DOGE’s price is at $0.375, up a solid 14.8% over the last seven days. The new coin continues Showing signs of recovery despite the long consolidation phase.
Is it still early for DOGE investors?
As Marks shares his bullish forecast for DogecoinHe also suggested that now could be a good time for investors to consider DOGE. Since the price of Dogecoin is still within the Consolidation zone According to CoinMarketCap, the meme coin is currently down 3.8%, offering a lower entry point ahead of its predicted breakout towards the $2.28 target.
Marks revealed that investors “may still be early to the game” and pointed to the possibility of getting into the market ahead of a possible rise. Still, caution is advised as the volatility of meme coins like DOGE can lead to sudden price fluctuations, making them a high-risk investment.
Featured image from Adobe Stock, chart from Tradingview.com