Crypto analyst DOGECAPITAL has drawn attention to a Fibonacci level, which suggests that the Dogecoin price could rally above $10 in this bull run. The analyst noted that DOGE previously reached this Fibonacci level, which suggests it may do so again in this cycle.
Dogecoin Price Eyes Rally Above $10 With This Fibonacci Level
In an X post, DOGECAPITAL predicted that the Dogecoin price could rally above $10 if it reaches the 423.6% Fibonacci level. The analyst used the Fibonacci tool to highlight the fact that both the first and second DOGE cycles topped at the 423.6% level. Based on this, the foremost meme coin could reach this level, surpassing the $10 target.
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Interestingly, DOGECAPITAL noted that should history repeat itself, the Dogecoin price could rally to as high as $36, which is where the 423.6% is. This could mark the potential top for the meme coin in this cycle. The analyst also confirmed that DOGE is nowhere near its top in this third cycle based on the historical timing of past cycles.
If this historical pattern keeps playing out, DOGECAPITAL predicts that the projected top for the Dogecoin price could occur around the final week of October. The analyst also believes that the market has entered DOGE season with Bitcoin reaching new all-time highs (ATHs) and the meme coin currently sitting near key support.
However, despite the current bullish sentiment in the crypto market, it is worth noting that the Dogecoin price is still sitting just below the psychological $0.2 level. As such, this raises doubts about whether the DOGE season has truly begun.
Crypto analyst Trader Tardigrade stated that the DOGE/BTC chart may show a God candle this season, which would kickstart the DOGE season. Meanwhile, crypto analyst Kevin Capital noted that the DOGE/BTC chart is sitting in a historical zone of support. He added that the monthly time frame indicators are also fully reset, providing the best setup for the Dogecoin price.
DOGE Eyes Rally To $0.25 In The Short Term
In an X post, crypto analyst Ali Martinez predicted that the Dogecoin price could rally to $0.25 in the short term. Alluding to DOGE’s daily chart, Martinez stated that the meme coin is trading within a channel and that it just bounced off the bottom. He added that a buying spike at this level could send DOGE to the top of the channel at $0.25.
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This level is significant as it marked the last local top for the Dogecoin price. As such, a successful break above this level could lead to higher prices for the meme coin. Meanwhile, Trader Tardigrade stated that DOGE’s daily RSI might find support soon, completing a healthy pullback and preparing for a new surge.
At the time of writing, the Dogecoin price is trading at around $0.19, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com