Dogecoin price analysis: Current trends and future predictions
The price of Dogecoin is currently following a bearish trend after a significant surge in the past months. However, technical analysis indicates that the popular meme coin is still in a bullish setup on a larger timeframe.
Fibonacci Extension Indicates Positive Momentum
According to a recent technical analysis, a potential 570% rally for Dogecoin is on the horizon, pending a break above the 1.0 Fibonacci extension level. This analysis suggests that Dogecoin is well-positioned for a significant increase based on historical price action.
Previous bullish cycles have seen Dogecoin surpass key Fibonacci extension levels, leading to substantial price gains. The current cycle is mirroring this pattern, with the coin encountering resistance at key levels.
Despite a correction path since early December, Dogecoin remains in a position to reclaim its previous all-time high and potentially reach new highs. The current price stands at $0.316, down 50% since December 8, with a 12.5% decline in the past week.
Analysis Predicts Dogecoin Price Surge
Historically, Dogecoin’s market behavior has been characterized by breaking above key Fibonacci extension levels. The current cycle is eyeing a break above the 1.0 Fib extension level around $0.569 to challenge its all-time high.
If the current trend continues, Dogecoin could surpass the 1.618 Fibonacci extension, potentially reaching $2.28 or even higher. This bullish momentum could lead to further price milestones for the popular cryptocurrency.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Source : www.mitrade.com