Dogecoin price is showing remarkable strength as it aims to recover and potentially reach new all-time highs. Prominent crypto analyst Javon Marks predicted that the Dogecoin price recovers could trigger a significant price rally, leading to gains of 75% in the short term and an impressive 234% rise in the long term.
How Dogecoin price can increase by 75% and 234%
In an X (formerly Twitter) job On Friday, Marks revealed that the Dogecoin price currently displays significant strengthindicating positive market performance and potential for sustained upward momentum towards new price highs. The analyst shared a chart, stating that Dogecoin has broken out of a descending trendline that has acted as critical resistance for almost two years.
A descending trendline is a technical pattern that identifies a downtrend in an asset. Since Dogecoin was previously trading within such a trendline, this indicates that its price had been on a severe downward trajectory, marked by dips and extended periods. consolidation periods as he struggled to overcome critical levels of resistance.
The Dogecoin Breakout above the descending trendline is hailed as a bullish signalmarking the potential end of prolonged price stagnation. Additionally, Mark’s chart analysis shows that if Dogecoin can hold above its breakout point, it could confirm strong upward momentum towards its next price targets.
The crypto analyst predicts that Dogecoin’s continued price recovery could trigger a rise to its first bullish target of $0.653. Reaching this price point would result in a staggering 75% gain on Current Dogecoin Price. If the meme coin maintains its strength and upward trajectory, the analyst predicts an even greater increase in price to $1.25, a staggering 234% increase.
Dogecoin price is currently trading at $0.38, showing robust growth amid broader market volatility. The analyst’s focus on the meme coin’s strength comes as data from CoinMarketCap revealed that the price of Dogecoin saw a staggering 21% increase over the past week. The popular meme coin is also maintain its upward momentumexperiencing a significant price increase of 14% in the last 24 hours.
Dogecoin to cross $1 mark in this technical pattern
As the price of Dogecoin continues to strengthen, various market experts have released several bullish predictions for the top coin. A notable Dogecoin Price Prediction by Trader Tardigrade, a prominent crypto analyst, suggests that the meme coin could reach its coveted $1 milestone in January 2025.
The analyst shared a chart highlighting that Dogecoin has recently entered a distribution phase in the “Power of three model (PO3).” This unique model breaks down market movements into three phases to indicate intelligent money movement: accumulation, manipulation and distribution.
Within the Distribution phase From this technical model, Trader Tardigrade believes that Dogecoin could reach $1. The analyst expressed confidence in his projection, emphasizing that a 163% increase from Dogecoin’s current market value to $1 was a reasonable target.
Featured image created with Dall.E, chart from Tradingview.com