Renowned analyst Javon Marks Ignite A bold prediction has the Dogecoin (DOGE) community excited: Marks predicts a monumental surge for the meme-based cryptocurrency, predicting a potential price increase of over 7,200% and sending DOGE above $10.
This bullish outlook is based on a past price pattern known as a “log breakout,” which has previously led to large increases in Dogecoin’s price.
Marks identified two major breakouts in Dogecoin’s history, each of which led to impressive gains. The first occurred around 2014-2015, with a staggering price increase of over 9,472%. The second occurred between 2017 and 2018, with the price increasing by a whopping 28,882%, resulting in even more notable returns. According to his analysis, the latest, ongoing breakout could be a harbinger of further significant gains for DOGE.
Due to a pattern of consistently increasing breakout size, Marks believes Dogecoin is on the brink of a major bull run. If the trend continues, DOGE could break through the $10 barrier and see a staggering 7,200% increase from its current price.
Dogecoin Bullish Indicators
Marks’ analysis is not the only optimistic signal for Dogecoin. Popular crypto trader Kevin also chimes in, expressing optimism about Dogecoin’s long-term prospects. Kevin highlights that technical indicators such as the monthly Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) have yet to reach their all-time highs. Furthermore, he finds that Dogecoin’s current price structure mirrors past monthly cycles.
“The real bull market for Dogecoin has yet to begin,” Kevin confidently stated, citing historical analysis, predicting the cycle will peak in Q1 2025, or as early as December.
However, despite the bullish predictions, Dogecoin’s short-term future seems shrouded in uncertainty. At the time of writing, its price has fallen 5.09% and is currently trading at $0.1199. Open balances for Dogecoin derivatives have also fallen 6.63%, indicating that leveraged bets on price fluctuations are declining.
Additionally, Coinglass data revealed that 4.97 million DOGE was withdrawn from exchanges, signaling selling pressure and a possible move to cold storage. The 24-hour long/short ratio was 0.8298, with the majority of positions (54.65%) being short, reflecting bearish sentiment among traders.
Moreover, the Average Directional Index (ADX) is indicating a downtrend at 18.38, signifying weakening trend strength, while the Chaikin Money Flow (CMF) is indicating a similar downtrend at 0.04, which could suggest reduced buying pressure and increased selling activity.
The Moving Average Convergence Divergence (MACD) is showing a slight bearish signal with the MACD line at 0.00078, the signal line at 0.00154 and the histogram at -0.00076, which indicates a potential downward momentum.
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