According to a renowned crypto analyst Javon Marks, based on the historical chart pattern, the memecoin may be on the brink of another parabolic run, similar to the explosive rallies witnessed in the past.
Why An Over 400% Rally Is Plausible For Dogecoin
Based on historical patterns, Marks that Dogecoin may be in the early stages of a significant bull run, potentially heading toward a 431% price increase. Marks highlighted that Dogecoin could quickly reclaim its all-time high of $0.73905, supported by similar price behaviors seen in the past.
In Dogecoin’s case, Marks observed that DOGE had recently formed this falling wedge pattern and subsequently broken out to the upside.
DOGE Recent Price Performance And Outlook
Over the past few weeks, Dogecoin has shown gains, aligning with the bullish outlook shared by analysts. In the last 7 days alone, DOGE has surged by 23%, reaching a high of $0.135 in the early hours of today.
This performance is notable, as Dogecoin has maintained its upward momentum despite fluctuations in the broader cryptocurrency market. When writing, Dogecoin is trading at $0.1333, representing a 9.5% increase in the past 24 hours.
Featured image created with DALL-E, Chart from TradingViewmarket structure is obviously changed from downtrend to uptrend 🔥
— Trader Tardigrade (@TATrader_Alan)
In the downtrend🔵, formed False Breakout and lower low afterwards.
After a transition🟡 with a false breakout, but no more lower low, created a Breakout with a higher low.
It’s now making…