Dogecoin’s recent sharp decline amid a broader crypto market selloff has left many investors concerned. However, crypto analyst ÐOGECAPITAL (@DimaPotts36) suggests that this downturn is part of a larger bullish setup that could propel Dogecoin to new all-time highs between $1.50 and $2.10.
The analyst points to historical price behavior, noting that Dogecoin’s recent crash aligns with previous market cycles. In the past, significant corrections followed by massive rallies have occurred after DOGE reached the 78.6% Fibonacci level. With the meme coin now undergoing a similar retracement, ÐOGECAPITAL believes the conditions are ripe for the next leg of the rally.
Once the pullback is over, the analyst expects Dogecoin to resume its upward trajectory, potentially pushing the price above multi-year resistance levels. Fibonacci extension analysis from the 2022 bear market low suggests that DOGE could reach a peak of at least $1.50, with an upper end target of $2.10 or even $3.94 in the current cycle.
Despite the recent bearish sentiment, ÐOGECAPITAL’s analysis provides a bullish outlook for Dogecoin. For the meme coin to reach these lofty targets, it will need to regain support at $0.31, break above resistance at $0.50, and eventually surpass its current all-time high of $0.73. While the road ahead may be challenging, the potential rewards for Dogecoin investors could be significant if the analyst’s predictions come to fruition.
Tags: Dogecoin, DOGE, crypto market, price prediction, technical analysis
Source: https://bitcoinist.com/dogecoin-rally-to-ath-above-1-5/