Dogecoin’s recent price movements have sparked discussions among traders and investors. As it approaches a crucial resistance level, many are wondering, “Will Dogecoin go up?” or “Is Dogecoin poised for growth?”
After rallying from a low of $0.32 on March 13, Dogecoin encountered resistance at $0.39 on March 21. However, it managed to break through this barrier and continue rising, reaching a high of $0.41 on March 22. From there, it encountered another resistance zone between $0.40 and $0.42, which has slowed its further ascent.
Now trading at around $0.39, Dogecoin faces support at $0.33 and resistance at $0.40. The Ichimoku Cloud is indicating favorable conditions for further上涨, while the Stochastic RSI is nearing high levels, suggesting a possible brief stabilization before the next leg up.
Meanwhile, crypto influencer Javon Marks is drawing attention to Dogecoin’s historical price cycles and how they could factor into its future trajectory. In a recent tweet, he shares a chart analysis that points to a potential 570% increase from its current price.
$DOGE (Dogecoin) Update:The history hasn't changed and still points to a price run to AND ABOVE the 1.618 Fib Extension level as it did every cycle prior to this and this time around, that'd result in a more than 570% increase from here to $2.28+! https://t.co/BtYB3vaWHH pic.twitter.com/Fdvqb7FtCW
According to Marks' analysis, Dogecoin is positioned below the 1.618 Fibonacci Extension, which aligns with a potential price target of $2.28 if it follows its previous cycles. This analysis is based on the assumption that Dogecoin tends to rally to and above the 1.618 Fib Extension level in each cycle.
As Dogecoin continues to garner attention for its small-transaction utility and high-profile endorsements, its price movements and upcoming updates will be closely monitored by the community. Will Dogecoin live up to expectations and climb towards $2? Only time will tell.
