A prominent market analyst expects Dogecoin (DOGE) to skyrocket more than 7,000% this cycle, citing historical price fractals.
Meteoric price predictions for Dogecoin (DOGE) Despite everything, it continues to come hard and fast recent difficulties in the crypto market. In the most recent case, an analyst doubled down on his optimistic forecasts while hinting at the possibility of an even higher price target.
Dogecoin (DOGE) to $23?
Noted crypto analyst Ali Martinez has set another ambitious price target for Dogecoin, the leading dog-themed meme coin.
In an X contribution On Saturday, December 28, Martinez claimed that DOGE could trade as low as $23 in the current market cycle. The final call follows an earlier prediction of a possible increase to the price of $18 just under a week ago.
Dogecoin (DOGE) price fractals
Martinez based his latest projection on the concept of fractals. The theory of fractals suggests that behind the seemingly chaotic nature of markets, there are repeating patterns and trends that repeat indefinitely, even on smaller scales.
Martinez combines the concept of fractals with the Fibonacci expansion tool on DOGE’s weekly candlestick chart to suggest that the asset’s price has repeated the same pattern over the years.
Dogecoin will trade in a descending triangle for years and break out higher to form new highs in a bull cycle. According to the analyst’s chart, these new highs have historically been at Fibonacci levels 1.618 and 2.272, from the cycle lows.
Dogecoin weekly candlestick chart. Source: Ali Martinez In the 2017/2018 bull market, this pattern resulted in DOGE rising over 20,500% from lows of $0.00009…
