Dogecoin Prepares for a Potential Breakthrough, Analysts Target $2.28

Dogecoin once again draws attention from 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 it continues, could signal the start of another major bullish run. The core of the bullish argument lies in the multi-cycle model, where DOGE continuously rises and surpasses the Fibonacci extension level of 1.618. With a market capitalization of over 27.7 billion dollars, Dogecoin appears to be in a crucial consolidation phase, and analysts believe that a breakout could be significant. The Historical Fibonacci Chart Indicates an Ambitious Target of 2.28 USD Cryptocurrency analyst JAVON⚡️MARKS emphasizes that in both previous bullish cycles, Dogecoin surpassed the Fibonacci level of 1.618. In Cycle 1, this target was $0.0074 and in Cycle 2, this target was around $0.039. Both of these targets were not only achieved but also broken decisively. Now, Cycle 3 sets the Fibonacci level of 1.618 at $2.28. Historically, the price action of DOGE has respected these levels, increasing the likelihood of repetition. Marks believes that the current consolidation above $0.06 reflects the stages prior to the breakout of previous cycles. Therefore, if this trend continues, the path to and beyond the $2.28 level may be reasonable. Fibonacci levels often serve as key resistance and breakout zones, which can guide the upcoming price action.

Analysis on Monday Confirms the "Familiar" Accumulation Pattern To further reinforce this outlook, analyst Trader Tardigrade has identified a familiar accumulation pattern forming on the DOGE chart, a pattern that reflects the accumulation process seen before the bullish surge at the end of 2024. The main resistance levels, which were strong barriers, are now under pressure from higher lows and round bottoms. The orange and purple ranges on Tardigrade's chart indicate consolidation zones, followed by breakouts. If Dogecoin breaks above the level of $0.23 and maintains strength above $0.14–$0.16, the price target in the range of $0.50 to $0.75 will become increasingly feasible.

On-Chain Flow Reflects Market Sentiment

On-chain data adds another dimension to the analysis. Since November 2023, DOGE has seen significant outflows, often exceeding -200 million dollars.

These flows indicate investor caution, consistent with the overall downward trend. However, the recent price stability above $0.17 suggests some potential for recovery. Continued flows may hinder short-term gains unless buying pressure reverses the trend.