Current price dynamics Dogecoin (DOGE) has attracted the attention of analysts and traders as token repeats previous formations, which can be perceived as a signal for the start of another major rally.
The fact is that the price of DOGE has been consistently rising up to and beyond the 1,618 Fibonacci extension level. With a market cap of over $27,7 billion Dogecoin is in a critical consolidation phase, and analysts believe the breakthrough could be significant.
Cryptocurrency analyst JAVON MARKS noted that in previous bull cycles Dogecoin exceeded the 1,618 Fibonacci level. In Cycle 1, this target was $0,0074, and in Cycle 2, it was around $0,039. Both targets were not only reached, but also broken. Now Cycle 3 sets the 1,618 Fibonacci level at $2,28.
Statistically, DOGE price action has been consistent with these levels, raising the possibility of a repeat. Marks believes the current consolidation above $0,06 reflects pre-breakout phases in earlier cycles.
Therefore, if this trend continues, a path to $2,28 and above could be realistic. Fibonacci levels often act as key resistance and breakout zones that can determine future price action.
An analysis of network data gives us another interesting marker — since November 2023, DOGE has been recording dominant outflows, often exceeding -$200 million.
Coinglass data
These outflows indicate investor caution, which is consistent with the overall downward trend. However, the recent price stability above $0,17 reflects some resilience.
