The price of Dogecoin may break the resistance level at $2.28

The current price dynamics of Dogecoin (DOGE) have attracted the attention of analysts and traders, as the token repeats previous formations that can be interpreted as a signal for the start of yet another major rally.

The fact is that the price of DOGE has consistently risen to the Fibonacci extension level of 1.618 and above. With a market capitalization of over $27.7 billion, Dogecoin is in a critical consolidation phase, and analysts believe that a breakout could be significant.

Cryptocurrency analyst JAVON MARKS noted that in previous bullish cycles, Dogecoin exceeded the Fibonacci level of 1.618. 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 exceeded. Now cycle 3 sets the Fibonacci level of 1.618 at $2.28.