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A new Dogecoin forecast leverages Fibonacci extensions to outline potential bullish price targets ahead of the anticipated altcoin season.
As of now, $DOGE has recorded a modest 4.88% gain in the past 24 hours, bringing its price to $0.1911. However, the cryptocurrency continues to nurse a weekly loss of 1.58%.
Despite short-term volatility, analysts continue to present long-term projections using technical analysis tools. Notably, a market commentator named “Matters” on X recently shared a chart outlining potential future price movements for Dogecoin.
Minimum and Ambitious Price Targets for $DOGE
The analyst utilizes the Fibonacci extension tool to forecast potential price movements for Dogecoin. This weekly chart projects price targets based on past price data from its peak of $0.73. It shows that Dogecoin may follow a bullish trend, as indicated by a green trend line suggesting an upward trajectory.
The chart includes key Fibonacci extension levels that the analyst believes could be potential price targets for $DOGE in the upcoming altcoin season. The first is the 1.618 level, representing a price of $1.2750. According to the analyst, this level is the minimum upward target for $DOGE.
A more aggressive bull run could push the price to $1.5643, corresponding to the 2 Fibonacci level. The 2.618 Fibonacci extension level further suggests that Dogecoin could reach $2.0324, reflecting a more optimistic scenario for the cryptocurrency’s future.
Potential Short-term Support Zones
Earlier, on June 8, Matters also utilized Fibonacci retracement levels on a shorter-term chart to pinpoint possible support zones for Dogecoin. These levels are essential for identifying where the price might experience a reversal or find support after a significant movement.
The key retracement levels show potential support areas at various price points. A correction might bring the price down to the 0.786 retracement level of $0.1711. The 0.886 level at $0.1351 indicates a deeper correction, possibly marking a support zone.
Additionally, a yellow line at $0.0899 indicates a more severe price drop, representing a potential bottom for Dogecoin in the case of a prolonged correction. This could be a crucial support level if the market faces a downturn.
Meanwhile, the chart highlights that the $0.4390 level could be a significant resistance level.
Dogecoin Golden Cross
In a separate analysis, trader Tardigrade noted that Dogecoin’s 4-hour chart shows a golden cross, where the 20-period simple moving average (SMA) crosses above the 50-period SMA.
This pattern preceded notable price increases between May 6 and 9. According to Tardigrade, a similar bullish candle formation has appeared, potentially signaling another significant upward movement for $DOGE.
#Dogecoin H4 SMA (20/50) Golden Cross Approaching 🔥$Doge has been aligning with the same price action to the SMA from May 6th to 9th.
A similar bullish candle breaking above both SMAs has appeared.
A massive surge could be imminent 🚀 pic.twitter.com/T4gYuH9UKN— Trader Tardigrade (@TATrader_Alan) June 10, 2025