Analyst Highlights Fibonacci Level That Could Put | Crypto News
Crypto analyst DOGECAPITAL has drawn consideration to a Fibonacci stage that signifies that the Dogecoin price top is above $10. The analyst also highlighted the meme coin’s efficiency during past bull cycles to clarify why it may rally to double digits.
Dogecoin Price Eyes Rally Above $10 Based on These Fibonacci Extensions
In an X post, DOGECAPITAL predicted that the Dogecoin price may rally above $10, which might mark the top for the foremost meme coin. This got here as he famous that the month-to-month DOGE chart highlights where major cycle peaks have traditionally fashioned utilizing Fibonacci extensions and that this sample is “remarkably consistent.”
The crypto analyst talked about that in the first cycle, the Dogecoin price topped precisely at the 4.236 Fibonacci stage. In the second cycle, DOGE is said to have peaked again at the 4.236 Fibonacci stage. DOGECAPITAL remarked that this sample isn’t random but relatively a structural habits.
He then said that if this sample continues into the next cycle, the data strongly suggests that the Dogecoin price’s upcoming cycle top may again align with the 4.236 Fibonacci stage, which presently sits at $33.25. DOGECAPITAL added historical past doesn’t repeat completely, but it often rhymes. In this case, DOGE has adopted its long-term Fibonacci construction with “near-perfect accuracy,” which is why he’s assured that the meme coin may attain this price goal.
Meanwhile, it’s price mentioning that DOGECAPITAL’s accompanying chart confirmed that the Dogecoin price may attain this $33.25 goal between now and 2028. Interestingly, the chart confirmed that DOGE may rally to as high as $100 if it reaches the higher boundary of the ascending channel. A rally to these targets would mark new all-time highs (ATHs) for the meme coin, whose current ATH is $0.74.
Market Cap Doesn’t Matter For DOGE
A possible Dogecoin price rally to $33.25 would give the meme coin a market cap of around $5.6 trillion. However, DOGECAPITAL said that market cap has never dictated how DOGE strikes. He said that if it did, half the insane runs in crypto wouldn’t exist. The analyst famous that Shiba Inu exploded to a large valuation in 2021 with no “realistic” justification, yet the market still despatched it to such highs.
DOGECAPITAL said that his focus is on the long-term Fibonacci construction and that the Dogecoin price has topped at the 4.236 Fib stage in two separate cycles. He added that this is your entire level of the chart and that it’s not tied to any quarter, fundamentals, or market cap logic. The analyst also claimed that short-term volatility doesn’t erase a decade-long sample and that if the Fib construction breaks, he’ll modify accordingly.
At the time of writing, the Dogecoin price is trading at around $0.14, up in the last 24 hours, according to data from CoinMarketCap.
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