The price of Dogecoin (DOGE) is close to breaking out to the $0.65 level. Popular crypto analyst Javon Marks believes a major breakout from the current level is likely in the coming months.
Dogecoin’s price is currently changing hands for $0.2617, down 0.79% in the last 24 hours, and has dropped 21.30% over the past week. This drop makes it one of the most affected memecoins during the recent tension in the cryptocurrency market.
The DOGE price is 64.55% below its all-time high of $0.7376, reached on May 8, 2021. However, there are positive signs for the leading memecoin, hoping to surpass the previous highs and go above $1 in the coming months.
Crypto Analyst Predicts a 333% Surge for DOGE Price
Javon Marks, a crypto analyst with over 52,000 followers, expects Dogecoin (DOGE) to rise significantly. He predicts it could reach $0.6533 and possibly $1.2511, which would mean a 333% increase from its current price.
His analysis points to a recent breakout, during which the Dogecoin price showed a strong upward movement. He believes that if DOGE breaks the $0.6533 resistance level, it could lead to another major rally due to positive market sentiment and strong technical signals.
The chart accompanying the analysis shows DOGE’s price history, featuring a rounding bottom formation. This classic bullish pattern often indicates a trend reversal and long-term price gains.
DOGE has recently broken out from a period of price stability, confirming a change in trend. If it maintains this trajectory and surpasses key resistance levels, traders might expect a faster move toward the next important price targets shown in the chart.
Dogecoin May Dip Temporarily, But Long-Term Trend Remains Bullish
Despite the optimism, the prediction hinges on DOGE maintaining strong buying momentum and broader market support. A failure to break and hold above $0.6533 could lead to a retracement or prolonged consolidation.
Another crypto analyst, Grumlin Mystery, presents a contrasting Dogecoin (DOGE) outlook. He suggests it could briefly drop to $0.02 but remains optimistic about its long-term prospects.
His analysis shows an ascending support trendline. This means that even if DOGE drops, it should bounce back from this level before breaking out later.
The chart gives a long-term look at DOGE’s price movements, showing multiple horizontal resistance levels and an upward-sloping support trendline.
It shows that DOGE has experienced steady movement and sharp price increases but is still following an overall upward trend.
The main point is that as long as DOGE stays above this rising trendline, it may gain bullish momentum and break out again. However, if the Dogecoin price falls below this trendline, it could nullify the bullish outlook and suggest a larger price drop.
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