Dogecoin Prepares for a Major Price Rise in the Bull Market Cycle

Dogecoin is showing strong signs of entering another bullish phase, with analysts predicting the price could surge. According to Javon Marks, this cryptocurrency follows a cycle pattern of consolidation, breakout, peak, and correction. Historical data shows that DOGE may be preparing for a bullish move of over 1,160%, pushing the price above $2.28. Fibonacci extension levels continue to act as key resistance points, and the latest cycle aligns with this trend.

The historical cycle of Dogecoin shows strong bullish momentum. Since 2014, Dogecoin has gone through three market cycles. In each cycle, there is a consolidation phase, followed by a breakout and bullish trend. The first cycle, lasting from 2014 to 2017, peaked at around 0.0075 dollars or the Fibonacci extension level of 1.618. Before the correction, the second cycle, lasting from 2017 to 2021, peaked at around 0.3912 dollars. The third cycle has seen DOGE reach $0.56958 before pulling back. The Fibonacci extension level of 1.618 for this phase is around $2.28758, indicating a potential target that could be achieved in the future. Each successive cycle has seen higher price ranges, reinforcing the long-term bullish momentum pattern. Key support level and potential price target Market analyst Ali emphasizes the importance of the support level at $0.16, representing the lower boundary of the bullish price channel. If DOGE holds above this support level, history shows a likelihood of a rebound to the mid or upper resistance levels. Fibonacci retracement and extension levels further support this analysis.

The lowest Fibonacci retracement level at 0.00168 marks the initial accumulation phase. The Fibonacci level 0.236 at 0.00667 acts as an intermediate resistance level before Dogecoin surges. After that, the price broke through the Fibonacci level of 0.5 at 0.03103 before reaching a peak at 0.56958 dollars. Currently, DOGE is stabilizing near the Fibonacci level of 0.786 at 0.16399 dollars, acting as an important support zone. The Fibonacci extension level of 1.272 at $2.37905 is predicted to be an important target in future price estimates. According to long-term forecasts, DOGE could reach the Fibonacci level of 1.618 at $20.76669 or possibly the level of 1.414 at $6.33606.