Analyst Javon Marks believes Dogecoin ($DOGE) may still have significant upside potential in the current market cycle.
In a post on X, Marks shared a long-term chart comparing $DOGE’s performance across the 2017, 2021, and current market cycles. The analysis uses Fibonacci extension levels to identify potential price targets.
According to Marks, the comparison suggests Dogecoin could climb to at least $2.85 during its next major expansion phase.
Why the $2.85 Target Matters
Marks noted that the 1.618 Fibonacci extension for the current cycle sits around $2.85. He views this level as a minimum target if $DOGE experiences a breakout similar to those seen in previous bull markets.
The chart also highlights higher targets near $7.22 and $14. Those levels could come into play if Dogecoin follows a similar historical pattern and market conditions remain favorable.
At its current price of $0.08845, a move to $2.85 would represent a gain of more than 3,100%.
Dogecoin History of Explosive Moves
Marks’ outlook is based on Dogecoin’s history of producing sharp rallies after long periods of consolidation.
During the 2017 cycle, $DOGE surged from fractions of a cent and reached key Fibonacci targets. A similar move occurred in 2021, when the meme coin climbed to an all-time high above $0.73.
According to the chart, the current cycle may be following a similar structure.
Can $DOGE Repeat Its Past Rally?
Despite the bullish forecast, Dogecoin remains far below its all-time high. The cryptocurrency has also continued to struggle amid the ongoing bear market. Dogecoin is down 23% over the past month and 26% since the beginning of the year.
Moreover, the meme coin is down 89% from its all-time high. Given its recent poor performance, many investors doubt whether $DOGE can deliver another multi-thousand-percent rally.
Meanwhile, other market analysts have shared bullish outlooks for $DOGE’s short-term performance, though not on the same scale as Marks’ forecast.
For instance, analyst Ali Martinez recently said the TD Sequential indicator flashed a buy signal for Dogecoin this week. The same indicator issued a sell signal on May 7, preceding a 31% decline in $DOGE’s price.
Martinez noted that $DOGE is testing major support near $0.081, the lower boundary of a five-year parallel channel. If that level holds, $DOGE could target the $0.096-$0.10 range.
Whales Accumulate at Current Levels
More than 30 billion $DOGE last moved around $0.081, creating a strong support zone. Martinez also highlighted that whales have accumulated more than 200 million $DOGE in recent weeks, signaling continued buying interest.
He views the $0.081-$0.058 range as an attractive accumulation zone and believes $DOGE could eventually reach $0.50 and potentially $1 during a future rally.
