Dogecoin once again attracts the attention of analysts and traders as familiar market patterns begin to emerge. Trading at $0.1856 on June 9, the leading meme coin is showing signs of repeating historical price behavior, which, if continued, could signal the start of another major bull run.
The core of the bullish thesis lies in a multi-cycle pattern, where DOGE consistently rises and surpasses the Fibonacci 1.618 extension. With a market capitalization of over $27.7 billion, Dogecoin appears to be in a crucial consolidation phase, and analysts believe a breakout could be significant.
Historical Fibonacci Chart Points to Ambitious Target of $2.28
Cryptocurrency analyst JAVON⚡️MARKS emphasizes that in both previous bull cycles, Dogecoin surpassed the Fibonacci 1.618 level. In Cycle 1, this target was $0.0074, and in Cycle 2, the target was around $0.039. Both targets were not only achieved but also broken decisively. Now, Cycle 3 places the Fibonacci 1.618 level at $2.28.
Historically, DOGE's price action has respected these levels, increasing the likelihood of repetition. Marks believes the current consolidation above $0.06 reflects stages prior to the breakouts of previous cycles.
Therefore, if this trend continues, the path to and beyond $2.28 could be reasonable. Fibonacci levels often serve as significant resistance and breakout zones, potentially guiding upcoming price action.
Second Analysis Confirms 'Familiar' Accumulation Pattern
To further reinforce this outlook, analyst Trader Tardigrade has identified a familiar accumulation pattern forming on the DOGE chart, reflecting the accumulation process seen before the explosive bull run at the end of 2024.
Key resistance levels, once strong barriers, are now under pressure from higher lows and round bottoms. The orange and purple zones on Tardigrade's chart indicate consolidation areas, followed by potential breakouts. If DOGE breaks above $0.23 and maintains strength above $0.14–$0.16, a price target in the range of $0.50 to $0.75 will become increasingly feasible.
On-chain Flows Reflect Market Sentiment
On-chain data adds another dimension to the analysis. Since November 2023, DOGE has witnessed significant outflows, often exceeding -$200 million.
These outflows indicate investor caution, aligning with the overall bearish trend. However, the recent price stability above $0.17 shows some resilience. Continued outflows may hinder short-term gains unless buying pressure reverses the trend.
