With Dogecoin at the upper boundary of an ascending triangle, an analyst gives a price mark that the meme coin must hold to confirm a breakout.
In a analysis Today, market commentator Rekt Capital suggested that meme coins could see a bullish recovery. His comment, which featured industry alpha Dogecoin, speculated on “another money flow” for the meme-inspired tokens.
However, Rekt Capital insisted that Dogecoin (DOGE) the upward trend should be validated. The analyst said a daily close above the trend high at $0.43 would confirm what he believes is a breakout of the dominant ascending triangle pattern.
Dogecoin aims for new all-time high
Meanwhile, analyst Javon Marks confirmed the dominant bullish momentum in the Dogecoin ecosystem. In a Friday tweethe claimed that Dogecoin was ready for a new wave of price rise.
His commentary claims that the largest coin by market capitalization is targeting a 63% upside beyond its current all-time high towards further price discoveries. Notably, the analyst based his claims on a scintillating historical uptrend in Dogecoin.
In an attached chart, Marks shows a similar trend in 2017 and 2021 before Dogecoin reached its all-time highs. Each cyclical pattern featured a breakout, a range, and a push to a new all-time high.
With Dogecoin breaking out in 2023, consolidating its old yearly high of $0.22888 in March, and surpassing the high earlier this month, a new all-time high remains for the meme coin. Considering the percentage rise from previous cycles, Marks speculated that a 63% rise above $0.73905 remained in store for DOGE.
Furthermore, Javos Marks pointed out that Dogecoin will see more upward trends after the 63% surge. He hinted that after consolidating from the ATH breach, the meme coin will enter another “significant cyclical bullish move.”
Dogecoin ready for another launch
Meanwhile, analyst Jake Wujastyk suggests that Dogecoin is preparing for an imminent price rally. Citing his self-created Volume Shelf indicator, the commentator tweeted today, Dogecoin could gain significantly.
Notably, Dogecoin trading volume increased 94% over the past 24 hours to $8.12 billion, signaling growing interest in the token. Its volume exceeds that of notable assets like Solana, Cardanoand BNB.
At press time, Dogecoin is trading at $0.4333, up 7% in the last 24 hours. Top meme coin remains on track to hit $1 target, analyst says speculated by the end of the year.
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