Dogecoin Ready to Break Above $2, Analyst Predicts

According to Javon analyst, the price of Dogecoin ($DOGE) could rise to recover. He noted the recurring trend in its historical price cycles, where each cycle sees this cryptocurrency surpass the 1.618 Fibonacci extension level. If this pattern continues, Dogecoin could increase by more than 570% from its current level, potentially pushing the value to $2.28 or higher. Javon's prediction is based on market fluctuations in history and Fibonacci retracement levels, which have identified key price points for DOGE. Historical cycles show strong growth potential Javon outlines three main price cycles of Dogecoin, starting from 2014. In the first cycle, from 2014 to 2017, Dogecoin experienced a consolidation phase near its lowest level, followed by a breakthrough. During this phase, the price retraced to the Fibonacci 0.618 level before surging to the Fibonacci 1.618 extension, reaching a peak near $0.0021. A similar pattern appeared in the second cycle from 2017 to 2021, with Dogecoin prices consolidating before rising to about $0.11777. Both cycles show consistent adherence to Fibonacci levels, with price increases following pullbacks. The third cycle is currently taking place, lasting from 2021 to 2024, has shown a similar trend. After the correction following the price increase in 2021, Dogecoin stabilized at around $0.0604 before entering the recovery phase. The current price fluctuations indicate that cryptocurrencies have tested the Fibonacci 0.618 retracement level, consistent with observed behavior in previous cycles. Javon's forecast sets the next target for Dogecoin close to the Fibonacci 1.618 extension level at $2.30, depending on favorable market conditions. Technical indicators and support levels Recent data shows that Dogecoin reached its peak at around $0.476 in November 2024 before entering a correction phase. It is currently trading around $0.325, with this cryptocurrency finding support at $0.28 and facing resistance levels near $0.39 and $0.43. The moving average provides additional insight for these observations. The 50-period moving average (MA50), which tracks short-term price trends, surged during the October breakout but then flattened out, reflecting a correction.

Meanwhile, the 200-day moving average (MA200) continues to move upward, indicating the overall market optimism. Importantly, the Dogecoin price remains above the MA200, indicating the long-term trend is still intact. Volume trends indicate market instability Volume analysis shows that the Dogecoin price increase from October to November was accompanied by significant trading activity, confirming strong buying interest. However, trading volume gradually decreased in December, reflecting the market's reduced confidence during the adjustment period. The current low trading volume indicates the cautious stance of market participants as they await clearer signals for the next move of DOGE. As Javon noted, breaking the major resistance near $0.39 could lead to a new rally, potentially pushing the price towards the expected target above $2. Failing to maintain the support near $0.28 could trigger further decline, with MA200 providing the next significant level. DYOR! #Write2Win #Write&Earn $DOGE {spot}(DOGEUSDT)