Dogecoin (DOGE) Set for a Massive Rally, Suggests Crypto Analyst Javon Marks

As the dust appears to be settling on a turbulent month for crypto assets, market participants are again optimistic.

Crypto analyst Javon Marks is optimistic about Dogecoin's (DOGE) potential for a significant rally.

After a turbulent month for crypto assets, market participants are displaying optimism once again. In the latest instance highlighting this, one analyst has suggested that leading doggy-themed crypto asset Dogecoin (DOGE) is on the cusp of a massive rally.

Dogecoin (DOGE) to $2?

In a recent X post, Marks contended that the meme coin could be set for a 536% rally from current prices around $0.36 to at least $2.29, as it appears to be recovering from its 46% drop from a high of $0.48, which triggered a slump to $0.26 in early December 2024.

Marks’ view is based on his analysis of the asset's performance in previous bull markets, which he has highlighted over the past month.

According to DOGE's two-week candle chart, the meme coin has risen to at least the 1.618 Fibonacci extension level in previous bull cycles.

A key aspect of these bull market cycles is that the meme coin's rally has typically occurred in two phases, punctuated by a drop similar to its recent 46% dip near the 1.0 Fibonacci, with a recovery often marking the beginning of the second phase.

Following this pattern in 2017, the asset soared from a 2015 bottom of $0.00009 to $0.00748. In 2021, it soared significantly beyond the 1.618 Fibonacci level to hit its all-time high of $0.73 from a 2020 bottom of $0.00168.

In the current market cycle, the 1.618 Fibonacci level aligns with the $2.29 price point.

Dogecoin may not lack catalysts for such a move. Recently, the Elon Musk-led U.S. government initiative, the Department of Government Efficiency (DOGE), put it in the spotlight.

DisClamier: This content is informational and not intended to be financial advice. The views expressed in this article may belong to the author and do not necessarily reflect The Crypto Basic's opinion. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic does not guarantee any financial losses.