Dogecoin price has stagnated recently as cryptocurrency investors focus on the newly minted meme coins by Donald Trump and Melania Trump. DOGE has barely moved this year, but analysts point to its potential technicals that may push it higher in the long term. They cite its Fibonacci Retracement levels and other technical patterns.
Fibonacci Tool Points To More Dogecoin Price Gains
In an X post, Surf on X, a popular analyst, used Fibonacci Retracement levels to predict that the coin may ultimately surge to near $10 in the long term. A climb to $9 would signal a 2,300% surge from the current level, pushing its market cap from the current $54 billion to over $1.3 trillion.
Fibonacci levels are some of the most popular concepts in trading. They are based on the ancient concept of the Fibonacci sequence, where every number is a sum of two of the previous ones.
Dogecoin Price Fibonacci
Short-Term Target for DOGE Price
In another X post, another analyst used the two-week chart to identify the short-term Dogecoin price target. He found that the coin has often formed higher highs and higher lows since 2016.
It jumped by over 9,225% from its lowest point in 2016 to its highest level in 2018. DOGE then soared by over 30,000 between 2020 and 2021 as Elon Musk pumped it. It has now soared by over 770% from its 2022 lows. As such, he expects that the next bull run could push it to at least $4.2 in the near term.
Dogecoin Price Short Term Target
Long-Term Prediction For Dogecoin Price
Ali Martinez, another top crypto expert, believes that the DOGE price has more room to run. He noted that the coin has formed an ascending channel starting from 2017. It is now coming from the lower side of this channel and could soon cross the middle line.
If that happens, he expects that the Dogecoin price will rise to over $15 in the long term. Such a move would push its price up by 4,000%. Such a move would happen if the SEC approves a spot DOGE ETF and if the crypto bull run gains steam.
Dogecoin Price Chart Ali Martinez Forecast
Key DOGE Levels To Watch
The two week chart shows that the Dogecoin price has been consolidating in the past few weeks. This consolidation happened after the coin went parabolic in November, meaning that it has formed a bullish pennant pattern. That is a sign that the coin will have a strong bullish breakout.
Dogecoin price chart
In this case, the resistance level to watch will be at $0.4837, the upper side of the pennant. The key support point to watch will be at $0.2635, the lower side of the pennant. A break below that level will invalidate the bullish DOGE forecast.
The post Dogecoin Price Analysis: Fibonacci Tool Predicts Next DOGE Target appeared first on CoinGape.
