Dogecoin price is showing notable strength as it aims to rebound and potentially reach new all-time highs. Prominent crypto analyst Javon Marks has projected that the Dogecoin Price Recovery could trigger a significant price rally, generating 75% gains in the short term and an impressive 234% increase in the long term.
How Dogecoin Price Can Rise 75% and 234%
In an X (formerly Twitter) mail On Friday, Marks revealed that the price of Dogecoin is currently shows significant strengthindicating positive market performance and potential for sustained bullish momentum to new price highs. The analyst shared a chart, stating that Dogecoin broke out of a descending trend line that has acted as a critical resistance for almost two years.
A descending trend line is a technical pattern that identifies a bearish trend in an asset. Since Dogecoin was previously trading within that trend line, it indicates that its price had been on a severe downward trajectory, marked by dips and consolidation periods as he struggled to overcome critical levels of resistance.
The Breakout of Dogecoin above the descending trend line is hailed as an important bullish signalmarking the possible end of prolonged price stagnation. Furthermore, Mark’s chart analysis shows that if Dogecoin can hold above its breakout point, it may confirm strong upward momentum towards its upcoming price targets.
The crypto analyst predicts that Dogecoin’s current price recovery could trigger a rally to its first bullish target of $0.653. Reaching this price level would produce a staggering 75% profit. Current Dogecoin Price. If the meme coin maintains its strength and upward trajectory, the analyst anticipates an even larger price increase to $1.25, marking a staggering 234% increase.
Dogecoin price is currently trading at $0.38, showing solid growth amid broader market volatility. The analyst’s emphasis on the meme coin’s strength comes as data from CoinMarketCap revealed that Dogecoin price recorded a staggering 21% increase in the past week. The popular meme currency is also maintaining its bullish momentumexperiencing a significant price increase of 14% in the last 24 hours.
Dogecoin will reach the $1 milestone within this technical pattern
As Dogecoin price continues to show strength, several market experts have issued multiple bullish forecasts for the top meme coin. a notable one Dogecoin Price Prediction by Trader Tardigrade, a leading crypto analyst, suggests that the meme coin could reach its coveted milestone of $1 in January 2025.
The analyst shared a chart highlighting that Dogecoin has recently entered a distribution phase in the “Power of Three (PO3) Pattern.” This unique pattern divides market movements into three phases to indicate smart money movement: accumulation, manipulation and distribution.
inside the Distribution phase From this technical pattern, Trader Tardigrade believes that Dogecoin could rise to $1. The analyst has 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
