Dogecoin’s price action in the last 24 hours has reflected the turbulence sweeping the largest cryptographic market. THE MEME CURRENCE suffered a strong decline On February 3, flying by two digits as the market underwent a generalized sale, triggering mass settlements in multiple cryptocurrencies. Dogecoin itself was not savedwith a considerable number of merchants who face liquidations.
However, Despite short -term painCrypto Analyst ðogecapital (@dimapotts36) suggests that this recession was part of a much larger configuration, one that could catapult Dogecoin beyond its historical maximum towards a new peak between $ 1.50 and $ 2.10.
Dogecoin Price Crash aligns with historical trends
Ðogecapital Last analysis indicates That recent Dogecoin accident was anticipated as part of the broader market cycle of the asset. The analyst shared ideas by pointing out the historical behavior of prices, making comparisons with the previous Alcista cycles of Dogecoin. On November 24, 2024, the analyst had outlined expectations for significant correction, referring to how the price had previously retreced after reaching the Fibonacci level 78.6% in a last cycle.
At that time, Dogecoin had emerged at this key level of Fibonacci before experiencing a strong decline of -56%, which later gave way to a massive manifestation. The analyst had emphasized that this pattern could be repeated, warning that investors should expect significant corrections on the way to the new maximums. With Dege now suffering a similar setback, ðogecapital believes that the conditions are being aligned for the next section of the demonstration.
The price bounce could carry the price of Dove at $ 1.50 and beyond
After the expected setback, which materialized as Dogecoin reached a fund of $ 0.2237 in the last 24 hours, the analyst said that Dogecoin is Now preparing for An eventual impulse to the new maximums. In his last statement, he reaffirmed his confidence that the asset will soon resume his ascending career.
Once the setback ends, Dogecoin could resume his ascending trajectory and start operating above the resistance levels of several years. In this case, the analyst said that this could push the meme currency towards a peak of at least $ 1.5 or an upper end of $ 2.10. These objectives are based on the Fibonacci extension levels from the 2022 Bear bearish market.
From now on, Doge is in your third cycle and could be on its way to repeat the result of the second cycle. In particular, price projections do not stop here, since Fibonacci extension analysis shows that Dogecoin could even reach up to $ 3.94 this cycle.
Despite the Bearish feeling The recent price drop, the ðogecapital analysis provides a bullish perspective. At the time of writing this article, Dege is quoted at $ 0.2636, at approximately 6.3% in the last 24 hours. However, it still remains at approximately 21.3% within seven days, since it lost support at $ 0.31. The first step to reach $ 1.5 would be that Dogecoin bulls recover this support at $ 0.31 and then break over the resistance to $ 0.5 before breaking over their current maximum of $ 0.73.
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