Analyst Highlights Fibonacci Level That Could Push Dogecoin Price Above $10
Crypto analyst DOGECAPITAL has drawn attention to the Fibonacci level which shows that the maximum price of Dogecoin is above $10. The commentator also highlighted the effectiveness of the meme character at the time previous bull cycles to explain why it cannot add double numbers.
Dogecoin Price Eyes Rally Above $10 Based on These Fibonacci Extensions
In an X postDOGECAPITAL predicted that the price of Dogecoin may exceed $10, which will mark the top of the meme coin. This comes as he notes that DOGE’s monthly chart highlights where major cyclical peaks have historically formed using Fibonacci expansions and that this pattern is “remarkably consistent.”
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A crypto analyst said in the first round, Dogecoin price exactly above the 4.236 Fibonacci level. In the second cycle, DOGE is said to have reached the 4.236 Fibonacci level again. DOGECAPITAL noted that this pattern is not random but structural behavior.
He then said that if this pattern continues in the next cycle, the data strongly suggests that the price of Dogecoin, the high of the cycle, could once again correspond to the 4.236 Fibonacci level, which is currently sitting at $33.25. DOGECAPITAL’s extended history is not exactly repetitive, but it does tend to rhyme. In this case, the DOGE followed suit long-term Fibonacci pattern “with perfect accuracy,” which is why he is confident that the meme coin can reach this price target.
Meanwhile, it should be noted that the chart accompanying DOGECAPITAL showed that the price of Dogecoin could reach this target of $33.25 between now and 2028. Interestingly, the chart showed that DOGE could rally as high as $100 if it reaches the upper boundary of the ascending channel. A meeting of this target will mark a new all-time high (ATH) for the meme coin, its current ATH is $0.74.
Market Cap Doesn’t Matter With DOGE
Dogecoin’s price rally around $33.25 will give the meme coin a market cap of around $5.6 trillion. However, DOGECAPITAL said the stock market has never said how DOGE is going. He said that if it happens, the crazy part that runs in crypto will not exist. The analyst noticed that Shiba Inu it exploded in 2021 for no “realistic” reason, yet the market still sent you to such high prices.
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DOGECAPITAL said his focus is on the long-term Fibonacci structure and that Dogecoin price has reached the 4.236 Fib level in two separate cycles. He added that this is the whole point of the chart and is not tied to any quarter, base, or market cap logic. The analyst also said that short-term fluctuations do not erase the ten-year pattern and if the Fib formation is broken, it will adjust accordingly.
At the time of writing, the price of Dogecoin is trading at around $0.14, the highest in the last 24 hours, according to the report. data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
