Is Dogecoin Price Set To Soar? Analyst Predicts Explosive Rally Ahead Amid Correction

Dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) may be encountering a corrective phase, but analysts were hopeful of significant upside in the ongoing cycle.

What Happened: Javon Marks, a widely followed chartist, shared their analysis of Dogecoin’s potential trajectory on Sunday. He stated,

“Dogecoin, by its previous cycles, has a high likeliness to make a run to and above $2.28,” Marks projected. Should the prediction come true, it’d mean a whopping 12x upside from the current price.

The analyst said these levels act as the 1.618 Fibonacci Level, which DOGE managed to hit and exceed in previous bull cycles, making the chances of it happening again this cycle a bit higher.

Fibonacci retracement is a technical analysis tool that uses ratios derived from the Fibonacci sequence to determine probable support and resistance levels. These are then used to predict reversals or continuations. The 1.618 level, often referred to as the "golden ratio," is particularly significant.

Meanwhile, cryptocurrency trader Kamran Asghar noted DOGE’s “strong” structure within an ascending broadening wedge, setting a price target of as much as $3.8.

The ascending broadening wedge is a bearish reversal pattern, as part of which price makes higher highs and higher lows before a downward breakout.