Likelihood Of Dogecoin Price Reaching New All-Time Highs Is ‘Extremely High’, Here’s Why

The dogecoin price is currently down over 70% from its maximum always by about $ 0.74. However, a cryptographic analyst has provided that the probability that this meme currency that reaches a new AT is exceptionally high. Based on recurrent historical models and strong technical signals, the analysis suggests that Dogecoin is preparing for a critical breakout This could open the doors to a powerful event.

Dogecoin price to record new ATH soon

According to a new analysis of the Javon Marks encryption expert, the probability of Dogecoin that sets new maximums of all time In this cycle it is “extremely high”. Signs contours A convincing case by comparing the current Dogecoin market structure with its historical price movements from 2014 to today, which seem to follow a repetitive consolidation model followed by an explosive rise.

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In his analysis of the graphic designer on social media x on July 30, the analyst shows that Doge has historically moved through compression phases within formations similar to cunes, followed by important sparkling to the new maximums of all time. During the 2016-2017 Bull Market, The cryptocurrency hit an ATH of $ 0.01877 after suffering a long compression. A similar model proved to be in 2021 Toro RallyWhen the price of the meme currency has risen to a new $ 0.739 ATH after a long period of strengthening consolidation.

Currently, the structure of the graph shows a surprising similarity with these past configurations, with the price of doge that wraps itself closely close to a potential breakout point. With this in mind, the analyst provides that the meme currency is on the point of a huge price rally above 226%, preparing the phases for a possible breakdown of $ 0.739 ATH if the momentum continues to build.

On the basis of the analysis of the expert’s graph, the historical friars further indicate the possibility of Dogecoin exceeds the sign of $ 1 To reach $ 1.42 or even $ 2.11. An increase in both objectives would represent a significant gain respectively by about 545% and over 830%, compared to the current trading price of approximately $ 0.22.

Dogecoin Pullback expected before the next goal

Bitguru cryptographic analyst revealed in a X post That dogecoin is showing signs of a pullback that could soon move on to a breakout. The analysis of the expert shows that Doge is recovering from the support area of $ 0.2138 which took place following a recent decline from the maximum local of $ 0.2866.

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Bitguru noticed it The Dogecoin decline was healthywhile portraying to test the previous Breakout area. This Pullback phase shows signs of tiredness, with the price of the meme currency which is now consolidated by about $ 0.22. In particular, the analyst’s graph reflects a potential Double low structurehinting at the possible formation of an upward reversal model.

Based on this configuration, Bitguru provides for a potential rise of 28.83% for dogecoin, with price objectives in the interval of $ 0.24 to $ 0.25 in the short term. If the upward moment persists, the projected trajectory of the graph indicates an extended move near the level of $ 0.28.

First floor image from Istock, TradingView.com graphic