Dogecoin (DOGE) could experience a significant rally, potentially exceeding 400%, according to crypto analyst Javon Marks. DOGE has been showing consistent gains in recent weeks, up by a double-digit percentage.
Marks suggests that DOGE is on the brink of another parabolic run, similar to its past explosive rallies. Based on historical chart patterns, particularly the "falling wedge," DOGE might quickly reclaim its all-time high of $0.73905. This technical formation, which involves the asset consolidating between downward-trending lines, usually precedes significant price increases.
Recently, DOGE formed this falling wedge pattern and broke out to the upside, historically leading to substantial rallies. Marks anticipates a price surge over 400%, given this breakout, provided DOGE maintains its current momentum.
In the last week alone, DOGE has surged by 23%, reaching $0.135. DOGE's price performance is notable, maintaining an upward trend despite broader market fluctuations. Currently, DOGE trades at $0.1333, marking a 9.5% increase in 24 hours.
Another analyst, Trader Tardigrade, echoes this bullish outlook, noting that Dogecoin's market structure has shifted from a downtrend to an uptrend. Tardigrade highlights recent price movements, indicating a potential continuation of DOGE's bullish trend with higher highs and lows.
