Analyst Identifies Fibonacci Level Suggesting Dogecoin Might Exceed $10

Dogecoin’s price could potentially rise above $10, according to crypto analyst DOGECAPITAL, who has highlighted a significant Fibonacci level. The analyst’s observations about the performance of this popular meme coin during previous bull cycles further support this possibility.

Key Takeaways

DOGECAPITAL predicts Dogecoin may surpass $10 based on Fibonacci analysis.
The analyst emphasizes past cycling patterns where DOGE peaked at consistent Fibonacci levels.
The potential price targets for DOGE range up to $100, establishing new all-time highs.
Market cap is not a definitive factor in Dogecoin’s price movements according to DOGECAPITAL.
As of now, Dogecoin is trading around $0.14.

Dogecoin

DOGECAPITAL believes that Dogecoin (DOGE) is likely to touch or exceed the $10 mark based on historical Fibonacci levels. By analyzing past cycles, the analyst notes a consistent pattern that could result in significant price increases for DOGE in the future.

Dogecoin Price Expected to Rally Above $10 Based on Fibonacci Extensions

In a recent post on X, DOGECAPITAL forecasted that the Dogecoin price could break through the $10 mark, representing a significant threshold for this leading meme coin. He pointed out that historical data from the monthly DOGE chart provides evidence of where major bullish peaks have occurred, using Fibonacci extensions to illustrate this trend, which he described as “remarkably consistent.”

DOGECAPITAL noted that during the first cycle, Dogecoin reached its peak precisely at the 4.236 Fibonacci level. The second cycle also saw DOGE peak again at the same Fibonacci level. This pattern, according to the analyst, is not by chance but reflects a established behavioral pattern in the cryptocurrency's price movements.

Dogecoin
Source: Chart from DOGECAPITAL on X

He further stated that if this trend holds true in the upcoming cycle, the evidence suggests that Dogecoin's next peak could also correspond with the 4.236 Fibonacci level, currently projected at approximately $33.25. Although DOGECAPITAL acknowledged that historical patterns may not repeat perfectly, he confidently asserted that Dogecoin has consistently adhered to its long-term Fibonacci structure “with near-perfect accuracy.”

Additionally, DOGECAPITAL's chart indicated that Dogecoin could potentially reach the $33.25 target between now and 2028. Fascinatingly, it also suggested that if DOGE were to reach the upper limit of its ascending channel, it could soar as high as $100. Such a rally would represent new all-time highs (ATHs) for Dogecoin, which currently holds an ATH of $0.74.

Market Cap is Not a Defining Factor for DOGE

Should Dogecoin’s price indeed climb to $33.25, it would result in a market capitalization of approximately $5.6 trillion. However, DOGECAPITAL asserted that market capitalization has never determined how Dogecoin behaves in the market. He pointed out that if it were, many of the extraordinary price surges in the cryptocurrency space would not have occurred. He referenced the meteoric rise of Shiba Inu in 2021, which reached a remarkably high valuation despite lacking a “realistic” basis for its valuation.

DOGECAPITAL emphasized that his focus is primarily on the long-term Fibonacci structure, emphasizing that the Dogecoin price has consistently peaked at the 4.236 Fibonacci level over two distinct cycles. He reiterated that the main purpose of his analysis is not connected to any individual quarter, fundamental metrics, or market capitalization considerations. He also maintained that short-term market fluctuations do not diminish a pattern that spans over a decade; should the Fibonacci structure alter, he is prepared to adjust his predictions accordingly.

At the time of this analysis, Dogecoin was trading at approximately $0.14 and saw a slight increase over the past 24 hours, as per data from CoinMarketCap.

Dogecoin
DOGE traded at $0.13 on a daily chart | Source: DOGEUSDT on Tradingview.com