Dogecoin (DOGE) has carved out a unique place for itself, capturing the imagination of investors with its lighthearted approach and devoted community. As the market enters a potential bull run, a technical analysis by Kevin (@Kev_Capital_TA) has shed light on Dogecoin’s historical performance, suggesting that the meme-inspired cryptocurrency could potentially reach unprecedented heights.
According to Kevin’s analysis, Dogecoin has consistently met or surpassed the 1.618 Macro Fibonacci extension, measured from previous bull market highs to bear market lows, in all of its bull cycles. This technical indicator, known as the “Golden Ratio,” is widely used by traders to identify potential price targets and support/resistance levels.
In the current market cycle, the 1.618 Fibonacci extension for Dogecoin sits at $3.80. While Kevin acknowledges that achieving this target could be more challenging than in previous cycles due to the increasing market capitalization and saturation of the cryptocurrency space, he believes it cannot be ruled out based on Dogecoin’s historical performance.
For those unfamiliar with technical analysis, the Fibonacci sequence is a series of numbers where each number is the sum of the two preceding ones. The 1.618 ratio, also known as the “Golden Ratio,” is derived from this sequence and is widely used in various fields, including finance, to identify potential areas of support and resistance.
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Show more +In addition to the $3.80 target, Kevin’s analysis also highlights two other notable price levels for Dogecoin in this potential bull cycle: $0.95 and $1.35. These targets are based on Dogecoin’s historical performance during previous bull runs, further underscoring the meme-inspired cryptocurrency’s ability to defy expectations.
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