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

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. The Dogecoin price is currently down more than 70% from its all-time high of approximately $0.74. However, a crypto analyst has predicted that the likelihood of this top meme coin reaching a new ATH is exceptionally high. Based on recurring historical patterns and strong technical signals, the analysis suggests that Dogecoin is getting ready for a critical breakoutthat could open the doors to a powerful rally. Dogecoin Price To Record New ATH Soon

According to a fresh analysis by crypto expert Javon Marks, the probability of Dogecoin setting new all-time highsin this cycle is “extremely high.” Marks’ outlinesa compelling case by comparing Dogecoin’s current market structure with its historical price movements from 2014 to date, which appear to follow a repetitive pattern of consolidation followed by explosive upside.  Related Reading Dogecoin Price Enters Bullish Livermore Cylinder That Could Catapult Price To $1.5 6 days ago

In his chart analysis shared on the X social media on July 30, the analyst shows that DOGE has historically moved through phases of compression within wedge-like formations, followed by major breakouts to new all-time highs. During the 2016-2017 bull market,the cryptocurrency hit an ATH of $0.01877 after undergoing a long compression. A similar pattern unfolded in the 2021 bull rally, when the meme coin’s price surged to a fresh ATH of $0.739 after an extended period of tightening consolidation.  Source: Javon Marks on X

Currently, the chart structure is showing a striking resemblance to these past setups, with DOGE’s price coiling tightly near a potential breakout point. With this in mind, the analyst predicts that the meme coin is on the verge of a massive price rally exceeding 226%, setting the stage for a possible break-through of the $0.739 ATH if momentum continues to build. 

Based on the expert’s chart analysis, historical fractals further indicate the possibility of Dogecoin surpassing the $1 markto reach $1.42 or even $2.11. A surge to both targets would represent a significant gain of approximately 545% and over 830% respectively, from the current trading price of around $0.22.  Dogecoin Pullback Predicted Ahead Of Next Target

Crypto analyst Bitguru revealed in an X postthat Dogecoin is showing signs of a pullback that could soon transition into a breakout. The expert’s analysis shows DOGE recovering from the $0.2138 support zone that held firm following a recent decline from its local high of $0.2866.  Related Reading Likelihood Of Dogecoin Price Reaching New All-Time Highs Is ‘Extremely High’, Here’s Why 7 hours ago

Bitguru noted that Dogecoin’s decline was a healthy one, as it retraced back to test the previous breakout area. This pullback phase is showing signs of exhaustion, with the meme coin’s price now consolidating around $0.22. Notably, the analyst’s chart is reflecting a potential double-bottom structure, hinting at the possible formation of a bullish reversal pattern.

Building on this setup, Bitguru forecasts a potential 28.83% upside for Dogecoin, with price targets in the $0.24 to $0.25 range in the short term. If bullish momentum persists, the chart’s projected trajectory points to an extended move near the $0.28 level.  DOGE trading at $0.22 on the 1D chart | Source: DOGEUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com