Dogecoin News Today: Dogecoin Eyes $1.38 Next Target as Fibonacci and Cup Patterns Suggest $3 Potential

Dogecoin (DOGE) has shown a potential long-term cycle pattern, with technical analysis suggesting possible price targets between $1.38 and $3.00. The cryptocurrency recently traded near $0.2214, marking a 5.55% gain as technical patterns indicate renewed momentum in the market [1].

Historical price charts reveal a recurring “cup” formation, a pattern characterized by extended consolidation followed by sharp upward movements. In past cycles, DOGE moved from $0.00009 to $0.886 and then from $0.0022 to $0.73 before entering a long accumulation phase. The current market structure shows a similar rounded base forming near $0.22, suggesting a potential breakout may be imminent [1].

Technical indicators like Fibonacci extensions define potential price targets. The 1.618 extension projects a near-term goal of $0.409, while the 2.618 level marks $1.38 as a key checkpoint. A more aggressive 3.272 extension suggests $3.07, and the 3.618 level indicates a distant target of $9.98 if bullish momentum continues over multiple years [1].

DOGE’s recent resilience around $0.22 is notable, aligning with the 2.272 Fibonacci extension. Analysts suggest that maintaining price above this level could increase the likelihood of a move toward $0.40 and ultimately $1.38 [1]. The Relative Strength Index (RSI) currently stands near 54, indicating moderate strength and leaving room for further upward movement before reaching overbought conditions [1].

Market sentiment is mixed, with some traders considering $1.38 a favorable exit point to secure gains. Others speculate that DOGE could realistically reach $3 or $4 if the current doubling pattern continues, citing its smaller market capitalization as a potential advantage [1]. Social media engagement has been strong, with one DOGE chart receiving over 26,000 views shortly after its release [1].

While some traders have expressed concerns about DOGE’s recent weakness compared to other assets, others remain confident in the validity of the current cycle structure. Historical precedent supports the possibility of exponential growth once consolidation phases conclude [1].

According to analysts’ forecasts, the Fibonacci roadmap and recurring cup patterns suggest that DOGE could be entering a phase where it has the potential to reach $3 or higher [1].

Source: [1] Dogecoin Price Chart Targets $1.38 First With Long Cycle Roadmap Toward $3 (https://cryptonewsland.com/dogecoin-targets-1-38-first-with-cycle-3/)