Dogecoin, one of the most popular cryptocurrency, has recently shown signs of growth, and a prominent analyst, Javon Marks, believes it is preparing for an extraordinary rally. In a bold prediction, Marks has suggested that Dogecoin could surge by 1,160%, reaching a new all-time high of $2.28. This forecast comes as the broader cryptocurrency market is rebounding from a prolonged downturn, and Dogecoin’s positive price action has captured the attention of both investors and analysts alike.

Over the past week, Dogecoin closed with a modest 2.27% gain, signaling that it may be on the verge of a more substantial upward movement. This was further supported by a dragonfly doji candlestick pattern, a technical indicator that typically suggests growing momentum and a potential rally to higher prices. Despite experiencing a 44% year-to-date retracement, Marks remains optimistic about Dogecoin’s future, encouraging its supporters to focus on the emerging positive trends within the cryptocurrency’s ecosystem.

One of the key factors Marks points to in his analysis is the growing institutional interest in Dogecoin. Over the past few months, major asset managers like Grayscale and Bitwise have filed for a DOGE spot exchange-traded fund (ETF), signaling increasing adoption of the token among traditional financial institutions.

Additionally, Marks highlights the historical performance of Dogecoin, which has seen substantial growth during its previous bull cycles. In 2017, Dogecoin rallied by over 20,566%, and in 2021, it surged by an astounding 44,471%. Marks believes that Dogecoin is currently in its third bull cycle, and based on its past performance, the cryptocurrency coin could replicate similar gains in the current market cycle. This pattern of cyclical growth adds credibility to Marks’ prediction that Dogecoin is on the cusp of another massive rally.

In his forecast, Marks specifically predicts a 12x surge to $2.28, which would be a groundbreaking achievement for Dogecoin. This price target aligns with the 1.618 Fibonacci extension, a level that Dogecoin has crossed during its previous bull runs. Historical trends also suggest that Dogecoin could exceed this target, further bolstering the idea that its price could reach even higher levels in the coming months. Analysts and investors alike are keeping a close eye on these price targets, as they could signal a transformative moment for Dogecoin in the cryptocurrency market.

While Marks’ prediction is certainly bold, other analysts share a similar optimistic outlook for Dogecoin’s future. Analyst Ali Martinez has suggested that Dogecoin could potentially rally by as much as 11,296%, with a price target of $20, provided that the cryptocurrency holds support at $0.16. Meanwhile, technical analyst Carl Moon has identified a falling wedge pattern for Dogecoin, indicating that it may be poised for a breakout, potentially retesting its January high of $0.4350.

As of now, Dogecoin is trading at $0.1755, showing a 3.35% increase in the past 24 hours. Despite this modest gain, the growing institutional interest and positive technical indicators suggest that Dogecoin is well-positioned for a substantial rally. If Dogecoin continues to build momentum and attracts more institutional support, it could be on track to reach new heights and potentially fulfill Marks’ prediction of a 12x surge.

The future of Dogecoin looks increasingly promising, as it continues to capture the attention of both retail and institutional investors. With its growing adoption, solid technical indicators, and historical performance, Dogecoin is undoubtedly a cryptocurrency to watch closely in the coming months.