Expert Predicts Dogecoin Price Could Surge 10,200% Based on Analysis
Henrik Zeberg, Head Macro Economist at Swissblock, released a technical analysis of Dogecoin (DOGE) price trends using Fibonacci extensions and the "Rounding Bottom" chart pattern.
Will Dogecoin Price Hit $29?
Zeberg's analysis suggests a bullish trajectory for Dogecoin, indicating that it may develop a Rounding Bottom structure in its cycles, leading to higher price levels during euphoria phases.
The Rounding Bottom is a chart pattern signaling a reversal from a downward trend to an upward trend. It is characterized by a gradual recovery from a low point, demonstrating accumulation among buyers, followed by increasing demand.
This formation starts when an asset hits a new low and begins recovering as buyers enter the market. As prices stabilize, buying pressure increases while selling pressure decreases, indicating a shift from bearish to bullish sentiment.
To confirm a Rounding Bottom, the price must exceed the resistance level that formed the pattern, identified by Zeberg as around $0.49 for Dogecoin, marking the first price target.
A breakout should ideally occur with increased trading volume, potentially signaling a long-term bullish trend. If DOGE breaks this resistance, future prospects could be significantly positive.
Zeberg's Fibonacci levels suggest specific price targets: the 1.27 Fib at $0.4924 (target 1) indicates a potential gain of 75%, while the 1.618 Fib at $0.8030 (target 2) anticipates an increase of 180%. The 2.618 Fib at $3.2738 (target 3) represents an ambitious goal of an 8x increase.
Further targets include the 3.618 Fib at $13.3641 and the 4.618 Fib at $54.4064, suggesting optimistic long-term possibilities if market conditions mirror past euphoric phases.
Zeberg notes, “Could we see even more crazy development? Nothing is certain – but the setup looks like a repetition of earlier phases.” His primary target for this bull run is between the 3.618 and 4.618 Fibonacci levels at $29, implying a gain of 10,200% if the market remains in a mania phase.
As of now, DOGE is trading at $0.41.
