According to well-known market analyst Javon Marks, Dogecoin is still on track for a 600% price increase from current levels.
Last month it was analysts dwell on optimistic expectations for Dogecoin (DOGE) in the current market cycle. These expectations do not appear to have been shaken recent market uncertainty triggered by the Federal Reserve as an analyst doubles his forecast.
Nothing has changed
Well-known crypto analyst Javon Marks has claimed that there has been no change in Dogecoin’s performance despite its recent 46% decline from highs of $0.48434.
In an X contribution On Wednesday, December 25, Marks claimed that DOGE is still on track to reach and exceed its target of $2.28 is determined at the beginning of the monthwhich represents a 620% increase from the current price of $0.31687.
The analyst’s prediction assumes that the dog-themed meme coin mimics the price action of previous bull market cycles. Using the Fibonacci expansion tool, Marks highlights that during bull market cycles, DOGE has typically risen from its lows and expanded past the 1.618 Fibonacci level.
As the analyst pointed out, the meme coin rose to highs above $0.00748 in 2017, matching the Fibonacci level of 1.618 from a low of $0.00009 in 2015.
In 2021, this pattern was evident as the asset rose above the 1.618 Fibonacci level by around $0.03912 to reach its current all-time high of $0.73 from a low of $0.00168. dollars in 2020.
According to Marks’ analysis, the 1.618 Fibonacci level is around $2.28 in DOGE’s current impulsive phase, suggesting a rally in that direction…
