Dogecoin, as a leading meme coin, has been hovering between $0.09 and $0.10 for several weeks. However, at least one analyst believes that the apparent bearish signals mask a deeper structural story, one that is fully reflected in the Fibonacci numbers.
Cryptocurrency analyst Javon Marks has plotted a Fibonacci-based framework based on Dogecoin's complete price history. His findings indicate that each major Dogecoin bull cycle extends to the 1.618 Fibonacci level, often peaking only after surpassing this level. Currently, the ongoing cycle has yet to reach this level. Marks believes this omission is not a sign of failure but rather an unfinished story.
Repeating Patterns in Two Cycles
Dogecoin's rebound in 2017 slightly exceeded the 1.618 Fibonacci extension level. Four years later, the 2021 bull market rose further, reaching a 2.272 Fibonacci extension calculated from the 2019 bear market low. This trend propelled Dogecoin to its current all-time high of $0.7316.
The cycle from 2024 to 2026 follows a different script. Dogecoin has yet to break through the 1.618 extension level. If it does and historical patterns hold, the expected target will be $2.80, representing an increase of over 2600% from the current price.
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