Dogecoin (DOGE) could be on a massive upward trajectory as it has been up consistently by double-digit percentages in recent weeks.
According to prominent crypto analyst Javon Marks, based on historical chart patterns, meme coins could be on the verge of another parabola, similar to the explosive rallies witnessed in the past.
Why Dogecoin’s 400+% Rise Is Reasonable
Based on historical patterns, Marks revealed that Dogecoin is in the early stages of a significant bull run, potentially heading for a 431% price increase. Marks emphasized that Dogecoin could soon regain its all-time high of $0.73905, supported by similar price movements seen in the past.
This revelation was specifically made in a post by X accompanied by a historical price chart of DOGE showing DOGE exhibiting a pattern known as a “descending wedge.”
This technical formation occurs when the price of an asset consolidates between two downward trend lines and eventually breaks out.
In the case of Dogecoin, Marks observed that Doge recently formed this downward wedge pattern and then turned upward.
Historically, such breakouts have led to significant increases in Dogecoin’s price. Based on this breakout, Marks predicts significant upside, potentially over 400%, as long as DOGE maintains its momentum.
DOGE Recent Price Performance and Outlook
Over the past few weeks, Dogecoin has shown an increase consistent with the bullish outlook shared by analysts. In the past seven days alone, DOGE has soared 23%, reaching a high of $0.135 early today.
This performance is noteworthy as Dogecoin maintains upward momentum despite fluctuations in the broader cryptocurrency market. At the time of writing, Dogecoin is trading at $0.1333, representing an increase of 9.5% in the past 24 hours.
In addition to Javon Marks’ analysis, another prominent figure in the crypto industry, Trader Kumamushi, also weighed in on Dogecoin’s recent market structure. In a post on X, Tardigrade pointed out that Dogecoin has transitioned from a downtrend to an uptrend.
He pointed out that Dogecoin experienced a false breakout during the previous downtrend, but the failure to make new lows after the false breakout indicates a change in market sentiment. According to Tardigrade, Dogecoin is currently forming higher highs and higher lows, indicating that the bullish trend may continue.
#Dogecoin The market structure clearly changes from a downtrend to an uptrend. In a downtrend, $Doge It formed a false breakout and then lowered the lows. After a transition with a false breakout, but no further lower lows, $Doge Higher lows created a breakout. What I’m making now… pic.twitter.com/cy9owb6Ydz
Featured images created with DALL-E, TradingView charts
