Crypto market analyst Javon Marks believes in the Dogecoin price could prepare for one of the biggest price increases to date. He thinks this setup gives the coin a great chance to move much higher in the current bull market if the pattern continues to repeat as before. Marks explains that this pattern is not random tracks historical price data that has proven to be accurate over time. According to him, Dogecoin has built a reputation for repeating its market behavior during every major cycle. Each time the setup formed, the price responded by moving sharply higher.
Javon Marks Highlights Dogecoin Price Consistent Fibonacci Pattern
Marks points this out in his analysis Dogecoin has a perfect track record of achieving its key Fibonacci target over the past two market cycles. In both cycles, the coin reached the Fibonacci level of 1,618, giving it a 100% success rate in hitting that price target.
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He believes the same pattern is now building up again, making the chances of another major move extremely high. According to its chart, if Dogecoin follows the same structure again, the price could increase approximately 800% of current levels. That would put the coin at around $2.28, which corresponds to the Fibonacci level of 1.618 for this bull cycle.
The pattern re-forms in almost the same way as before, giving him confidence in the current setup. Based on this, he believes that the coin could make a sharp rise as the market continues to strengthen, just as it did in previous bull runs.
Projection points to a potential upside of 3,690% towards $9.8
After further analysis of the Dogecoin price chart, Javon Marks also offers a much larger projection. He explains that if Dogecoin performs as strongly as it did in the last cycle, the price could rise well above the $2.28 level. In that case the next primary target would be around $9.8, which would represent an increase of 3,690% from the current price.
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Marks says this number is not arbitrary; it comes directly from comparing how much Dogecoin has risen in previous cycles to the current setup. In the past, the coin delivered huge percentage gains once it broke its primary Fibonacci levels.
According to Marks the technical setup looks almost identical to what the charts showed before Dogecoin’s previous massive rallies. If the coin returns to the kind of performance we saw during the last bull run, the price could reach levels close to $9.8 or even higher.
If his analysis is correct, Dogecoin’s strong pattern could lead to another massive rally, possibly reaching the $9.8 mark he expects, which would be one of the most important. price increases in this bull cycle.
Featured image created with Dall.E, chart from Tradingview.com
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