Cryptocurrency analyst DOGECAPITAL pointed out the Fibonacci level, which indicates that the upper price of Dogecoin is above $10. The analyst also highlighted the meme coin’s behavior during previous bull cycles to explain why it could rise to double digits.
Dogecoin price surged above $10 based on Fibonacci extensions
In Post XDOGECAPITAL predicted that the price of Dogecoin could rise above $10, which would mark the peak of the most popular meme coin. This came after he noticed that the monthly DOGE chart shows where the major cycle peaks have been in the past Fibonacci extensions and that this pattern is “remarkably consistent.”
A cryptocurrency analyst mentioned that in the first cycle Dogecoin price reached exactly the 4.236 Fibonacci level. In the second cycle, DOGE is said to have once again peaked at 4.236 Fibonacci. DOGECAPITAL noted that this pattern is not random, but rather a structural behavior.
He further stated that if this pattern continues into the next cycle, the data strongly suggests that Dogecoin’s upcoming price high could once again meet the Fibonacci level of 4.236, which currently stands at $33.25. The story added by DOGECAPITAL does not repeat itself perfectly, but it often rhymes. In this case, DOGE followed its principles long-term Fibonacci structure with “near perfect accuracy,” which is why he is confident that the meme coin can achieve this target price.
Meanwhile, it is worth mentioning that the attached DOGECAPITAL chart showed that Dogecoin price could reach the target amount of $33.25 between now and 2028. Interestingly, the chart showed that DOGE could go as high as $100 if it reaches the upper limit of the ascending channel. An raise towards these targets would represent novel all-time highs (ATH) for the meme coin, which currently has a current ATH of $0.74.
Market capitalization is irrelevant to DOGE
A potential rise in Dogecoin’s price to $33.25 would give the coin a market capitalization of approximately $5.6 trillion. However, DOGECAPITAL stated that market capitalization has never determined how DOGE moves. He said that if that were the case, half of the crazy cryptocurrency runs would not exist. The analyst noticed this Shiba Inu exploded to massive valuations in 2021 with no “realistic” justification, and yet the market reached such high levels anyway.
DOGECAPITAL stated that it is focused on the long-term Fibonacci structure and that Dogecoin price peaked at 4.236 Fib in two separate cycles. He added that this is the entire point of the chart and that it is not associated with any quadrant, foundations or market capitalization logic. The analyst also stated that short-term volatility is not erasing the decade-long pattern and that if the Fib structure breaks down, he will correct accordingly.
At the time of writing, Dogecoin is trading at around $0.14, having risen over the past 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
