Analyst Highlights Fibonacci Level That Could Put Dogecoin Price Top Above $10
Crypto analyst DOGECAPITAL has drawn consideration to a Fibonacci stage that signifies that the Dogecoin worth prime is above $10. The analyst additionally highlighted the meme coin’s efficiency throughout past bull cycles to elucidate why it might rally to double digits.
Dogecoin Price Eyes Rally Above $10 Based on These Fibonacci Extensions
In an X post, DOGECAPITAL predicted that the Dogecoin worth might rally above $10, which might mark the highest for the foremost meme coin. This got here as he famous that the month-to-month DOGE chart highlights the place main cycle peaks have traditionally shaped utilizing Fibonacci extensions and that this sample is “remarkably constant.”
The crypto analyst talked about that within the first cycle, the Dogecoin price topped precisely on the 4.236 Fibonacci stage. In the second cycle, DOGE is alleged to have peaked once more on the 4.236 Fibonacci stage. DOGECAPITAL remarked that this sample isn’t random however somewhat a structural conduct.
He then said that if this sample continues into the following cycle, the info strongly means that the Dogecoin worth’s upcoming cycle prime might once more align with the 4.236 Fibonacci stage, which at present sits at $33.25. DOGECAPITAL added historical past doesn’t repeat completely, but it surely usually rhymes. In this case, DOGE has adopted its long-term Fibonacci structure with “near-perfect accuracy,” which is why he’s assured that the meme coin might attain this worth goal.
Meanwhile, it’s value mentioning that DOGECAPITAL’s accompanying chart confirmed that the Dogecoin worth might attain this $33.25 goal between now and 2028. Interestingly, the chart confirmed that DOGE might rally to as high as $100 if it reaches the higher boundary of the ascending channel. A rally to those targets would mark new all-time highs (ATHs) for the meme coin, whose present ATH is $0.74.
Market Cap Doesn’t Matter For DOGE
A possible Dogecoin worth rally to $33.25 would give the meme coin a market cap of round $5.6 trillion. However, DOGECAPITAL said that market cap has by no means dictated how DOGE strikes. He stated that if it did, half the insane runs in crypto wouldn’t exist. The analyst famous that Shiba Inu exploded to an enormous valuation in 2021 with no “sensible” justification, but the market nonetheless despatched it to such highs.
DOGECAPITAL said that his focus is on the long-term Fibonacci construction and that the Dogecoin worth has topped on the 4.236 Fib stage in two separate cycles. He added that that is the complete level of the chart and that it’s not tied to any quarter, fundamentals, or market cap logic. The analyst additionally claimed that short-term volatility doesn’t erase a decade-long sample and that if the Fib construction breaks, he’ll alter accordingly.
At the time of writing, the Dogecoin worth is buying and selling at round $0.14, up within the final 24 hours, in response to data from CoinMarketCap.
