Unlike other meme coins on the market, Dogecoin has the price demonstrated resiliencewhich is making a strong recovery after weeks of price declines and consolidation. To highlight this strength and history of bullish performanceone cryptoanalyst has predicted that Doge could resume its upward momentum, potentially pushing the price to new record highs of $2.2.
Dogecoin price is expected to reach $2.2
Dogecoin captures the crypto market’s attention once again as its own the price continues to risedriven by Donald Trump’s presidencyElon Musk’s influence and the overall bull market hype. Earlier this week, these bullish factors pushed the DOGE price significantly above the $0.4 mark.
Even about the commemorative coin experienced a slight setback against $0.38, Javon Marks, a prominent cryptoanalyst, declared in an X (formerly Twitter) post that Dogecoin is still showing significant strength. The analyst shared a technical analysis of DOGE, which explained how the meme coin could rise to new ATH of $2.28 based on recurring historical performances.
According to the chart, Dogecoin’s price cycles have consistently followed a pattern of prolonged consolidation before experiencing one sharp upward eruption. Mark’s technical analysis divides the meme coin into three distinct cycles, each showing a recurring bullish trend.
The first two cycles, from 2014 to 2021, showed the DOGE trading within a defined range before breaking out to new record 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 extension levels, Marks pointed out Dogecoin’s next price target. He predicts that a repeat of past trends could push Dogecoin over 436%, potentially pushing the price to or above the 1.618 Fibonacci level of $2.28.
The analyst’s detailed chart suggests that Dogecoin’s past cycling performance can serve as a blueprint, showing how the cryptocurrency can gradually rise to a new ATH. At the time of writing, the price of DOGE is trading at $0.375, marking a solid increase of 14.8% over the past seven days. The new coin continues to show signs of recovery despite its long consolidation phase.
Is it still early days for DOGE investors?
As Marks shares his bullish prediction for DogecoinHe also suggested that now might be a good time for investors to consider DOGE. With Dogecoin’s price still within consolidation zone and currently down 3.8%, according to CoinMarketCap, the meme coin provides a lower entry point ahead of its projected breakout towards the $2.28 target.
Marks revealed that investors “may still be early” and highlighted an opportunity to enter the market before a potential surge. Still, caution is advised as the volatile nature of meme coins like DOGE can lead to sudden price swings, making them a high-risk investment.
Featured image from Adobe Stock, chart from Tradingview.com
