Dogecoin (DOGE) appears poised for a potentially massive rally as the asset continues its consistent upward trend in recent weeks, registering a double-digit percentage increase. According to renowned crypto analyst Javon Marks, based on historical chart patterns, the memecoin may be on the brink of another parabolic run, similar to the explosive rallies experienced in the past.
Marks has revealed that Dogecoin may be in the early stages of a significant bull run, potentially heading toward a 431% price increase. He highlighted that Dogecoin could swiftly reclaim its all-time high of $0.73905, supported by similar price behaviors observed historically. This analysis was shared in a recent post on X, complemented by a historical price chart of DOGE, showing a pattern known as the ‘falling wedge.’ This technical formation occurs when the price of an asset consolidates between two downward-sloping trendlines before eventually breaking out.
In the case of Dogecoin, Marks observed that DOGE had recently formed this falling wedge pattern and subsequently broke out to the upside. Historically, such breakouts have led to substantial rallies in Dogecoin’s price. Based on this breakout, Marks predicts a significant surge, potentially over 400%, as long as DOGE maintains its momentum.
Over the past few weeks, Dogecoin has shown gains in alignment with the bullish outlook shared by analysts. In the last seven days alone, DOGE has surged by 23%, reaching a high of $0.135 earlier today. This performance is notable as Dogecoin has sustained its upward momentum despite fluctuations in the broader cryptocurrency market. At the time of writing, Dogecoin is trading at $0.1333, marking a 9.5% increase in the past 24 hours.
In addition to Javon Marks’ analysis, another prominent figure in the crypto space, Trader Tardigrade, has also provided insight into Dogecoin’s recent market structure. In a post on X, Tardigrade noted that Dogecoin has transitioned from a downtrend to an uptrend. He pointed out that Dogecoin experienced a false breakout during its previous downtrend, but the absence of a lower low following the false breakout indicates a shift in market sentiment. According to Tardigrade, Dogecoin is now forming higher highs and higher lows, signaling a potential continuation of its bullish trend.