Dogecoin price is showing notable strength as it aims to recover and possibly rise to all-time highs. Prominent cryptocurrency analyst Javon Marks predicted that Dogecoin price rebound This can send prices soaring, resulting in gains of 75% in the short term and an impressive 234% rise in the long term.
How can the price of Dogecoin rise by 75% and 234%?
In X (formerly Twitter) mail On Friday, Marks revealed the current price of Dogecoin Shows great strengthThis indicates positive market performance and the potential for continued upward momentum to new record highs for prices. The analyst shared a chart, announcing that Dogecoin has broken above the downtrend line that has served as crucial resistance for nearly two years.
A downtrend line is a technical pattern that defines… Downtrend In one of the assets. Since Dogecoin was previously trading within this trend line, this indicates that its price has been on a sharp downward trajectory, marked by dips and extensions. Periods of consolidation While it was struggling to overcome critical resistance levels.
Dogecoin hack Above the downtrend line it is hailed as major Bullish signalThis signals the potential end of a prolonged price stagnation. Additionally, Mark’s chart analysis shows that if Dogecoin can hold above the breakout point, it could confirm a strong upward momentum towards its price. Next price targets.
The cryptocurrency analyst predicts that Dogecoin’s continued price recovery could lead to a rally to its first upside target at $0.653. Reaching this price level would result in a staggering 75% gain. Current Dogecoin price. If the meme maintains its strength and upward trajectory, the analyst expects a further increase in price to $1.25, representing a staggering 234% increase.
Dogecoin price is currently trading at $0.38, showing strong growth amid broader market volatility. The analyst’s focus on the strength of the meme coin comes as CoinMarketCap data revealed that the price of Dogecoin registered a staggering 21% increase in the past week. Popular meme currency is also Maintaining its upward momentumas it witnessed a significant price increase of 14% in the past 24 hours.
Dogecoin will hit the $1 milestone within this technical pattern
As the price of Dogecoin continues to show strength, many market experts have issued multiple bullish predictions for the best meme coin. Notable one Dogecoin price forecast Written by Trader Tardigrade, a prominent cryptocurrency analyst, suggests The meme could reach its desired target of $1 in January 2025.
The analyst shared a chart highlighting that Dogecoin has recently entered the distribution phase in “Power of Three (PO3) pattern.This unique pattern divides market movements into three phases to indicate the movement of smart money: accumulation, manipulation and distribution.
inside Distribution stage Following this technical pattern, Trader Tardigrade believes that Dogecoin could rise to $1. The analyst expressed confidence in his forecast, stressing that a 163% rise from Dogecoin’s current market capitalization to $1 was a reasonable target.
Featured image created with Dall.E, chart from Tradingview.com