 ▲ Dogecoin (DOGE) |
Cryptocurrency analyst Javon Marks drew attention in the cryptocurrency community by raising the prospect of a strong price for Dogecoin (DOGE).
According to blockchain specialized media NewsBTC, Marks claimed that Dogecoin would rally 21,700% and reach $17 based on past breakout trends.
Dogecoin rose more than 7,100% in 2017 and more than 22,800% in 2021. Marks analyzed that the explosive rally recorded during the past bull market could be repeated this time and reach $17.
In the past, analyst Kevin, who worked under the pseudonym Yomi OG, also raised a strong outlook for Dogecoin. However, he pointed out $3 as the price to be reached in this bull market.
Kevin noted that Dogecoin has never met or exceeded the Fibonacci 1.618 Macro FIB extension level (1.618 Macro FIB extension), an indicator that measures the peak of a bull market and the bottom of a bear market. Currently, Dogecoin's Fibonacci 1.618 macro extension level has been formed at $3.8.
Additionally, he reported that a large bullish divergence has formed in the weekly Stochastic Relative Strength Index (Stoch RSI). He added that Dogecoin is currently at a high low and last recorded a bullish cross when it was trading at $0.08.
Meanwhile, some of his X (formerly Twitter) followers expressed opposing opinions in response to Marks' bullish outlook. Based on Dogecoin's current circulating supply, it was suggested that the probability that Dogecoin's trading price will reach $17 is low.
