Fibonacci Tool Points To More Dogecoin Price Gains

Dogecoin price has stagnated recently as cryptocurrency investors focus on the newly minted meme coins by Donald Trump and Melania Trump. DOGE has barely moved this year

Dogecoin price has barely moved this year, but technicals point to its potential to surge to nearly $10 in the long term.

After surging to highs of over $0.7 earlier this year, Dogecoin price has failed to sustain the momentum. The coin has been trading within a narrow range, with highs capped at $0.6 and lows at $0.4. This comes as cryptocurrency investors shift their focus to the newly minted meme coins by Donald Trump and Melania Trump.

However, several analysts remain optimistic about Dogecoin price in the long term. They point to key technicals that may push the coin higher over the next few years.

One of the concepts that traders use to predict future price movements is the Fibonacci Retracement. This tool is based on the Fibonacci sequence, where every number is a sum of two of the previous ones. For instance, the Fibonacci sequence begins with 0 and 1, and the next number is 1, which is a sum of the previous two numbers. The next number is 2, which is a sum of the previous two numbers, and so on.

Fibonacci Retracement levels are some of the most popular concepts in trading. They are used to identify potential support and resistance levels, and to predict future price movements.

In the X post, Surf on X, a popular analyst, used Fibonacci Retracement levels to predict that the coin may ultimately surge to near $10 in the long term. A climb to $9 would signal a 2,300% surge from the current level, pushing its market cap from the current $54 billion to over $1.3 trillion.

Another analyst used the two-week chart to identify the short-term Dogecoin price target. He found that the coin has often formed higher highs and higher lows since 2016.

It jumped by over 9,225% from its lowest point in 2016 to its highest level in 2018. DOGE then soared by over 30,000 between 2020 and 2021 as Elon Musk pumped it. It has now soared by over 770% from its 2022 lows. As such, he expects that the next bull run could push it to at least $4.2 in the near term.