Highly followed crypto analyst Javon Marks suggests that Dogecoin (DOGE) is set for a massive rally.As the dust appears to be settling on a turbulent month for crypto assets, market participants are again optimistic. In the latest instance highlighting this, one analyst has suggested that leading doggy-themed crypto asset Dogecoin (DOGE) is on the cusp of a massive rally.Dogecoin (DOGE) to $2?In a recent X post, Javon Marks contended that the meme coin could be set for a 536% rally from current prices around $0.36 to at least $2.29, as it appears to be recovering from its 46% drop from a high of $0.48, which triggered a slump to $0.26 in early December 2024.Marks' view is based on his analysis of the asset's performance in previous bull markets, which he has reiterated over the past month.DOGEUSD 2 week candle chart. Source: TradingViewDOGEUSD 2 week candle chart. Source: TradingViewData from DOGE's two-week candle chart shows that the meme coin has soared from the lows to at least the 1.618 Fibonacci extension level in previous bull cycles. A key component of these bull market cycles is that the meme coin's rally has typically occurred in two phases, punctuated by a drop similar to its recent 46% dip near the 1.0 Fibonacci, with a recovery often marking the beginning of the second phase.Following this pattern in 2017, the asset soared from a 2015 bottom of $0.00009 to $0.00748. In 2021, it soared significantly beyond the 1.618 Fibonacci level to hit its all-time high of $0.73 from a 2020 bottom of $0.00168.In the current market cycle, the 1.618 Fibonacci level aligns with the $2.29 price point.The meme coin may not lack catalysts for such a move. Notably, the Elon Musk-led U.S. government initiative, the Department of Government Efficiency (DOGE), recently put it in the spotlight.
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