Dogecoin is still on course to secure a 600% price increase from current levels, according to notable market analyst Javon Marks.
Over the past month, analysts have been harping on bullish expectations for Dogecoin (DOGE) in the current market cycle. These expectations do not appear to have been shaken by recent market uncertainty sparked by the Federal Reserve, as one analyst is doubling down on his prediction.
Nothing Has Changed
Prominent crypto analyst Javon Marks has asserted that nothing has changed about Dogecoin’s trajectory despite its recent 46% dip from highs of $0.48434.
In an X post on Wednesday, December 25, Marks asserted that DOGE was still on course to hit and surpass their $2.28 target he set at the beginning of the month, representing a 620% rally from current prices of $0.31687.
The analyst’s prediction bets on the doggy-themed meme coin replicating price action from previous bull market cycles. Using the Fibonacci expansion tool, Marks highlights that DOGE has typically surged from its bottom and extended beyond the 1.618 Fibonacci level in bull market cycles.
As highlighted by the analyst, in 2017, the meme coin surged to highs above $0.00748, aligning with the 1.618 Fibonacci level from a 2015 bottom of $0.00009.
In 2021, this pattern played out as the asset surged above the 1.618 Fibonacci level around $0.03912 to clinch its current all-time high of $0.73 from a 2020 bottom of $0.00168.
According to Marks’ analysis, the 1.618 Fibonacci level in DOGE’s current impulsive leg is around the $2.28 price point, suggesting a rally to this point and higher if history repeats itself.
Meanwhile, Marks is not the only analyst who suggests that DOGE’s bull market is still intact, citing historical price action. Prominent analysts Javier Santini and Ali Martinez have expressed similar views over the past few days, setting even more ambitious targets of $4 and $18, respectively.