An analyst has predicted that Dogecoin is preparing for a 12x surge to unprecedented highs as the cryptocurrency market continues to recover from its downslide.

Top analyst Javon Marks made the assertion in a Sunday commentary, highlighting adoption and cyclical price performance. He suggested that the leading meme coin will defy the predominant downside momentum and target a 1,160% upside push.

Dogecoin’s recent positive price action seems to be aligning with this prediction after the asset closed with a mild 2.27% gain last week. Notably, the rebound comes on the heels of a dragonfly doji candlestick the week before, signaling lower price rejection and growing momentum for an ascent to higher prices.

Despite its 44% year-to-date retracement, Marks maintains that there is no reason to be worried about Dogecoin. The expert noted that the asset now has more backing and purpose than ever, indicating imminent northward price action.

Although he did not go into details, recent adoption trends in the Dogecoin ecosystem support Marks’ claims. Multiple asset managers, including Grayscale and Bitwise, have applied for a DOGE spot exchange-traded fund (ETF), signaling institutional interest in the joke-themed token.

Furthermore, the top analyst cited Dogecoin’s historical price performance as an inspiration for the asset’s upward trajectory. Currently in its third bull cycle, the prominent meme coin has had a strong outing in its last two cycles, rallying over 20,566% and 44,471% in 2017 and 2021, respectively.

According to Marks, Dogecoin is gearing up for a surge to uncharted territory. Specifically, he predicted a 1,160% surge to $2.28, a new all-time high for the meme coin.

Notably, the call aligns with the 1.618 Fibonacci extension, a zone that DOGE has crossed in its last two bull cycles. Moreover, the asset’s historical trend above the level indicates that $2.28 might be a conservative price target.

Interestingly, there are higher calls for Dogecoin this cycle, with analyst Ali Martinez predicting an 11,296% rally to $20. He predicted that the surge potential would remain intact as long as the asset held support at $0.16.

In the meantime, Dogecoin is gearing to break from a falling wedge identified by analyst Carl Moon, with a retest of its January high of $0.4350 to follow. DOGE trades at $0.1755 at the time of writing, up 3.35% in the past 24 hours.