Famous market analyst Javon Marks claims that Dogecoin will soar to a new peak with a historical cyclical market performance.
In today's Dogecoin (DOGE) news, assets continue to trade above $0. 4,000, but are down more than 17% from their November monthly high of 0. 4800. The leading meme coin maintains this tendency, reflecting bitcoin's recent price performance.
As market participants continued to observe Dogecoin's performance, analyst Javon Marks speculated on the asset's cyclical outcome. On December 1, the expert speculated that Dogecoin aims to rise by triple digits to $2. 28 in this bull cycle.
Dogecoin to $2. 28
Marks points out that Dogecoin is in the third bull market cycle of its life cycle. Historically, market experts have noted that in the past two bull market cycles, the leading meme coin has soared from the bottom of the market to a 1. 618 Fibonacci expansion.
In the accompanying chart, Marks identifies the spike pattern in the bull cycle of 2017 and 2021. According to the chart, DOGE grew from the bottom of the market at $0. 00009 and peaked above the 1. 618 Fibonacci level at $0. 8750.
Dog coin chart
A similar pattern emerged for the 2021 bull cycle, with DOGE soaring from the bottom of $0. 00168 to the same Fibonacci extension. The meme currency peaks at the current ATH of $0. 73,995, still within the 1. 618 Fibonacci range.
Therefore, Marks expects similar results for dogs during this cycle. His analysis shows that the cycle bottom of Dogecoin is at $0. 06004, and its Fibonacci extension value of $1. 618 is at $2. 28.
As a result, analysts expect a further 457% increase from current prices to the Fibonacci expansion. It's worth noting that data from other cycles showed DOGE moving further from Fibonacci levels, suggesting that the asset could rise further from $2. 28 if history repeats itself.
Short-term dog coin analysis
Meanwhile, Rose Premium Signals's analysis suggests that Dogecoin could fall to $0. 77148. The Sunday analysis suggested that Mimi could soar 87. 5% from the current market price, citing the imminent break of the bullish price structure.
Rose Premium Reference to the evolving cup and handle patterns in the DOGE / USDT 1D time frame. According to the comments, Dogecoin has a bullish pattern near the $0. 35985 to $0. 30688 support zone.
Meanwhile, a break through handle resistance will trigger an uptrend to three profit-taking levels. Analysts say Dogecoin will soar to $0. 51483 to $0. 64038 and $0. 77148, respectively.
Notably, DOGE fell 3. 44% in the past 24 hours, trading at $0. 4128 at the time of writing. The token is the seventh largest crypto asset, with a market value of $60.7 billion.