According to renowned market analyst Javon Marks, Dogecoin is still on track for a 600% price increase from current levels.
Over the last month of analytics talk about bullish expectations For Dogecoin (DOGE) in the current market cycle. These expectations do not seem to have been shaken recent market uncertainty triggered by the Federal Reserve as one analyst doubles down on his forecasts.
Nothing has changed
Noted crypto analyst Javon Marks claims that nothing has changed in Dogecoin’s trajectory despite the recent 46% drop from its high of $0.48434.
IN post X On Wednesday, December 25, Marks said DOGE was still on track to meet and exceed its $2.28 target that he had set. set at the beginning of the monthwhich represents a 620% increase from current prices of $0.31687.
The analyst’s forecast is betting on a dog-themed meme coin repeating the price action of previous bull market cycles. Using the Fibonacci extension tool, Marks highlights that DOGE typically rose from its bottom and exceeded the 1.618 Fibonacci level in bull market cycles.
As the analyst highlighted, the meme coin rose to a high above $0.00748 in 2017, matching the 1.618 Fibonacci level of the 2015 low of $0.00009.
In 2021, this pattern emerged as the asset rallied above the 1.618 Fibonacci retracement level near $0.03912 to reach the current all-time high of $0.73 from the 2020 low of $0.00168.
According to Marks’ analysis, the 1.618 Fibonacci level of DOGE’s current impulsive leg is near the $2.28 price level, suggesting growth to that point and beyond if history repeats itself.
Meanwhile, Marks is not the only analyst who suggests the DOGE bull market is still intact, citing historical price action. Outstanding Analysts Javier Santini and Ali Martinez expressed similar views over the past few days, setting even more ambitious targets of $4 and $18, respectively.
