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. Dogecoin’s price action in recent days has been defined by steady higher lows and attempts to break above $0.25. The meme coin has managed to maintainbullish momentum in the past 24 hours after ending September consolidating.
This recent move has kept Dogecoin’s uptrend intact on the daily chart, and according to technical analysis shared on thesocial media platform X by analyst Javon Marks, this structure could be setting the stage for a powerful upward move. Related Reading Bitcoin Rockets Past $119K, Analysts Now Eye $130K Target 2 days ago Breakout Structure And Higher Lows
According to Marks, Dogecoin’s current price formation could be the early stages of a massive rally that carries the meme coin to $0.65 in a quick move.
This prediction is based off a clear sequence ofhigher lows (HL) and higher highs that has been forming on the Dogecoin price chart. This formation is on the 5-day candlestick timeframe chart, and it goes as far back as the 2022 bear market. The first higher low started from the capitulation low in 2022 and continued through 2023 into 2024. Each higher low shows growing buyer interest after every correction, which is a sign of bullish continuation on higher timeframes.
The most recent example came during September’s downturn, when Dogecoin found a strong support at $0.22. Rather than breaking down further, the price rebounded from this level to create yet another higher low in the series. This response was important because it confirmed that Dogecoin’s uptrend was still intact. Dogecoin is currently trading at $0.24. Chart: TradingView
Marks points out that this upward structure of higher lows means that another wave up is likely to be in the works. Therefore, the current phase between $0.22 and $0.25 now is more of a build-up before the next explosive move higher.
Dogecoin 5-day price chart: Javon Marks on X The Case For A 153% Rally To $0.6533
Marks’ projection goes beyond a simple breakout. The analyst projected Dogecoin to go on to create another higher highin the coming weeks and months. This wave up could be an over 153% run from Dogecoin’s current price level.
His chart identifies $0.6533 as the immediate target for this wave. Achieving this level would require Dogecoin to more than double from its current price, but this is not unprecedented given its price history. If Dogecoin were to reach the $0.6533 breakout target, it would be its strongest bullish rally since early 2021. However, this is still below its 2021 all-time high of $0.7316, meaning there’s still room for further upside if bullish conditions persist.
Interestingly, the analysis also noted that Dogecoin might extend the rally above the $1 threshold.Particularly, the second price target is at $1.25711, although this may seem far-fetched in the short term. Related Reading Space Meets Crypto—Spacecoin Executes 1st Blockchain Transaction Beyond Earth 3 days ago
At the time of writing, Dogecoin is trading at $0.2525, down by 1.7% in the past 24 hours, but up by 10% in a seven-day timeframe.
Featured image from Pixabay, chart from TradingView