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
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