Dogecoin price is showing notable strength as it aims to recover and potentially rise to new all-time highs. Well-known crypto analyst Javon Marks has predicted that Dogecoin price recovery could trigger a significant price rally, resulting in gains of 75% in the short term and an impressive increase of 234% in the long term.
How Dogecoin price can rise by 75% and 234%
In an X (formerly Twitter) post On Friday, Marks revealed that Dogecoin price is currently high shows considerable strengthThis indicates positive market development and the potential for continued upward momentum towards new price highs. The analyst shared a chart in which he explained that Dogecoin has broken a descending trend line that has acted as critical resistance for almost two years.
A descending trend line is a technical pattern that identifies one Downtrend in an asset. Since Dogecoin was previously trading within such a trend line, this suggests that its price was in a strong downtrend characterized by declines and extensions Periods of consolidation as it struggled to overcome critical levels of resistance.
Dogecoin breakout above the descending trend line is celebrated as a major bullish signalmarking the potential end of ongoing price stagnation. Additionally, Mark’s chart analysis shows that if Dogecoin can stay above its breakout point, it could confirm strong bullish momentum towards its breakout point next price targets.
The crypto analyst predicts that Dogecoin’s continued price rally could trigger a rise to its first bullish target of $0.653. Reaching this price level would bring an incredible 75% profit The current price of Dogecoin. Should the meme coin maintain its strength and bullish trend, the analyst expects the price to rise even more to $1.25, a staggering 234% increase.
Dogecoin price is currently trading at $0.38, showing robust growth amid broader market volatility. The analyst’s emphasis on the meme coin’s strength comes as data from CoinMarketCap showed that Dogecoin price has seen a staggering 21% increase over the past week. The popular meme coin is too maintains its upward momentumwitnessed a significant price increase of 14% in the last 24 hours.
Dogecoin reaches a $1 milestone within this technical pattern
As Dogecoin price remains strong, various market experts have made several bullish predictions for the top meme coin. A remarkable one Dogecoin price prediction by Trader Tardigrade, a well-known crypto analyst, suggests that the meme coin could reach its coveted $1 milestone in January 2025.
The analyst shared a chart highlighting that Dogecoin recently entered the distribution phase.Power of Three (PO3) pattern.” This unique pattern divides market movements into three phases to indicate the movement of smart money: accumulation, manipulation and distribution.
Within the Sales phase Based on this technical pattern, trader Tardigrade thinks Dogecoin could rise to $1. The analyst expressed confidence in his forecast, emphasizing that a 163% increase in Dogecoin’s current market value to $1 is a reasonable target.
Featured image created with Dall.E, chart from Tradingview.com