thecryptobasic.com
Notable market analyst Javon Marks asserts that Dogecoin would target a surge to new peaks, citing historical bull cyclical market performance.
In today’s Dogecoin (DOGE) news, the asset continues to trade above $0.4000, but down over 17% from November’s monthly high of $0.4800. The leading meme coin has maintained this disposition, mirroring Bitcoin’s recent price performance.
As market participants continue to observe Dogecoin’s performance, analyst Javon Marks has speculated on the asset’s cyclical endgame. In a December 1 tweet, the expert speculated that Dogecoin would target a three-figure percentage uptick to $2.28 this bull cycle.
Dogecoin to $2.28
Marks noted that Dogecoin is in the third bull cycle in its lifespan. Historically, the market expert mentioned that the leading meme coin has surged from its market bottom to the 1.618 Fibonacci extension in the last two bull cycles.
In an accompanying chart, Marks identified the upsurge pattern, as seen in the 2017 and 2021 bull cycles. Per the chart, DOGE grew from the market bottom at $0.00009 and peaked a little above the 1.618 Fibonacci level at $0.8750.
A similar pattern occurred in the 2021 bull cycle, where DOGE surged from the bottom at $0.00168 to the same Fibonacci extension. The meme coin peaked at its current ATH at $0.73995, still within the 1.618 Fibonacci range.
As a result, Marks expects a similar outturn for Dogecoin this cycle. His analysis shows that Dogecoin’s bottom for the cycle is $0.06004, and its 1.618 Fibonacci extension from the price level is $2.28.
Hence, the analyst expects a further 457% uptick from the current price to the Fibonacci extension. Notably, data from other cycles show that DOGE moves a little further from the Fibonacci level, suggesting the asset could see more upswing from $2.28 if history repeats.
Short-Term Dogecoin Analysis
Meanwhile, an analysis from the Rose Premium Signals shows Dogecoin could move to $0.77148. The Sunday analysis suggests the meme coin could surge 87.5% from the current market price, citing an imminent break from a bullish price structure.
Rose Premium cited a developing cup and handle pattern on the DOGE/USDT 1D timeframe. Per the commentary, Dogecoin is forming a bullish pattern close to its support zone between $0.35985 and $0.30688.
Meanwhile, a breakout from the handle’s resistance would spark an uptrend to three profit-taking levels. The analyst mentioned that Dogecoin would surge to $0.51483, $0.64038, and $0.77148.
Notably, DOGE has corrected 3.44% in the past 24 hours, trading at $0.4128 at press time. The token ranks 7th among the largest crypto assets, with a market cap of $60.7 billion.