Analyst Javon Marks has updated his outlook on Dogecoin, predicting a potential 600% surge to $2.28 based on historical price patterns.

Dogecoin experienced a significant price drop on Monday, falling below $0.31 as tech stocks declined. However, the meme coin regained its footing on Tuesday, rising to $0.3345. This recovery represented a 5.85% increase within 24 hours, despite the cryptocurrency having decreased by 2.33% over the past week.

Amidst this volatility, analyst Javon Marks highlighted Dogecoin's historical price trends, indicating its recurring market cycles. His analysis outlined three distinct phases, each involving accumulation, breakout, price increase, and subsequent correction. Based on these patterns, Marks suggested that Dogecoin is still on track for another bullish move.

 

According to Marks, historical price movements suggest a more than 600% rally is possible, pushing Dogecoin up to approximately $2.28. Marks previously pointed out that Dogecoin's 1.618 Fibonacci extension level aligns with this target. His prediction on January 17th indicated that if past trends were to repeat, the cryptocurrency could see a minimum gain of 432%. Such growth could propel Dogecoin to $2.28758.

Meanwhile, another analyst, Balo, compared Dogecoin's current position to its bull runs in 2017 and 2021. He observed that in the last two cycles, the 20 - week Exponential Moving Average (EMA) was a key support level throughout the bull markets.

Furthermore, he noted that Dogecoin has never dropped below the 0.618 Fibonacci retracement level after surpassing it. Currently, the cryptocurrency is positioned at the 20 - week EMA and the 0.618 Fibonacci level, indicating strong support for higher levels.

 

Elsewhere, recent data tracking the inflow of large holders into Dogecoin wallets shows a significant increase in whale accumulation. In the past seven days, the inflow rose by 5.33%, marking a moderate weekly increase.

However, over the past 30 days, the growth rate was 323.86%, reflecting the growing interest of high - net - worth investors. More notably, the inflow in the past 90 days has soared by 3,722.46%.

When whales accumulate, the circulating supply decreases, often leading to upward price pressure. This accumulation trend indicates that despite the recent market volatility, major investors are continuing to build their positions in Dogecoin.