The Javon Marks analyst updated his view of Dogecoin, predicting a potential growth of 600% to $ 2.28 based on historical prices.
On Monday, Dogecoin survived a significant decrease in prices, decreasing below the level of 0.31 dollars when technological actions fell. Nevertheless, on Tuesday, the coin of the meme recovered, returning to $ 0.3345. This recovery marked an increase of 5.85% in 24 hours, although cryptocurrency remained 2.33% in the last week.
Against this hesitation, the analyst Javon Marks highlighted Dogecoin’s Historical price trends, indicating its repeated market cycles. Three different phases were described in his analysis, each of which includes the accumulation, breakthrough, a surplus price and subsequent correction.
Based on these models, Marx suggested that Dogecoin remains on the way to another bull move.
Dogecoin road to $ 2.28
According to Marks, historical prices indicate the potential for a rally exceeding 600%, which increases to Dogecoin to about $ 2.28.
Previously, the signs noted that the dogecoin expansion level 1.618 Fibonacci is leaving for this purpose. His past projection on January 17 suggested that an increase of 432% may be a minimal increase for cryptography, if past trends are repeated. This increase could push Dogecoin to $ 2.28758.
Meanwhile, another analyst in Balo, compare The current position of Dogecoin in its jogging 2017 and 2021. He noticed that over the past two cycles, the 20-week exponential sliding medium (EMA) was a critical level of support in the bull market.
In addition, he indicated that Dogecoin never dropped below the recovery level of Fibonacci 0.618 after its superiority. Currently, cryptocurrency is located at the 20-week level of EMA and 0.618 Fibonacci, which indicates strong support of higher levels.
The accumulation of whales increases within 90 days
In other places, the recent influx of large holders in Dogecoin wallets demonstrates a significant increase in whale accumulation. Over the past seven days, The influx rose 5.33%note moderate weekly growth.
Nevertheless, the last 30 days by 323.86%have observed much greater growth, reflecting the growing interest from investors with a high network. Moreover, tributaries over the past 90 days flew by 3722.46%.
When whales accumulate, delivery in the blood circulation decreases, often leading to an increase in price pressure. This trend in accumulation suggests that large investors continue to build their positions in Dogecoin, despite the recent volatility in the market.
