Dogecoin (CRYPTO: DOGE) lifted on Wednesday, prompting analysts to issue bold predictions about the memecoin.
DOGE In The Green
DOGE climbed to an intraday high of $0.2609 before reversing course to settle at $0.24 overnight. Still dog-themed cryptocurrency traded up over 1.50% in the last 24 hours.
In doing so, it outperformed market heavyweights Bitcoin (Crypto: BTC) and Ethereum (Crypto: ETH), which grew 0.50% and 0.13%, respectively.
DOGE's futures traders got excited, with open interest for the coin rising 2.30% to $4.44 billion in the last 24 hours, according to Coinglass.
Top traders on Binance i.e, the top 20% users with the highest margin balance, leaned toward the bullish side, with three out of four betting on a DOGE rally.
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
An 800% Upside Incoming?
Widely followed cryptocurrency analyst and trader Javon Marks analyzed DOGE's price action using Fibonacci extensions, projecting a multifold increase.
In the past two cycles, DOGE has been 100% in meeting the 1.618 Fib Level, making the likeliness of this happening again this cycle EXTREMELY HIGH," Marks said.
Marks estimated the 1.618 Fib level for the cycle at $2.28, predicting an 800% surge.
Fibonacci retracement is a technical analysis tool that uses ratios derived from the Fibonacci sequence to determine probable support and resistance levels. These are then used to predict reversals or continuations.
Bulls Dominate Bears
Moreover, the Bull Bear Power indicator, which measures the strength of buyers and sellers in the market, flashed a “Buy” signal for DOGE, according to TradingView.
Meanwhile, the Relative Strength Index, a momentum indicator that helps identify overbought and unsold conditions, remained “Neutral.”
Price Action: At the time of writing, DOGE was exchanging hands at $0.2491 up 1.47% in the last 24 hours, according to data from Benzinga Pro.
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