Despite Dogecoin’s current underperformance, a well-respected analyst in the crypto industry has identified intriguing patterns that could lead to a massive 21,744% price rally, potentially reaching $17.
Recently, Dogecoin (DOGE) has been facing downward pressure, hitting a 24-hour low of $0.1587. Its performance over the past seven days has been lackluster, characterized by bearish candles dominating the charts.
Even amidst Bitcoin’s bullish surge, where it surpassed the $71K mark, Dogecoin has only seen a modest 1.2% gain over the past 30 days. Initially riding Bitcoin’s momentum, DOGE quickly retraced those gains, struggling to find strong support levels.
Despite the current challenges, analyst Javon Marks remains optimistic about Dogecoin’s future potential, foreseeing a more than 40X increase in value. Marks reached this conclusion by analyzing Dogecoin’s historical market sentiment during previous cycles and comparing it to present trends.
$DOGE (Dogecoin) –
The trend says a more than 4X to New All Time Highs and perhaps much, much greater!
According to this breakout trend, a >$10 DOGE may be on the way… https://t.co/eVpDwynejx pic.twitter.com/dChytYPZo3
— JAVON⚡️MARKS (@JavonTM1) June 5, 2024
Comparing Dogecoin’s History with Current Trends
Looking back at the 2016/2017 cycle, Dogecoin saw an impressive 7,106% surge, reaching an all-time high in 2018. This surge followed 659 days of price consolidation, with only sporadic price increases leading up to the breakout to $0.01485.
Following that, Dogecoin went through another 527-day consolidation phase before experiencing a remarkable 22,813% surge in 2021, almost hitting the $1 mark, largely fueled by Elon Musk’s endorsement.
Despite the intermittent dips in price, Dogecoin has shown a consistent pattern of price movements before heading into consolidation phases, with notable occurrences in 2016, 2020, and now in 2024.
Projected 21,744% Surge for DOGE
According to Marks’ analysis, Dogecoin has been consolidating at low levels for 469 days, indicating a potential for new all-time highs. Marks predicts a breakout trend forming, with a target price surpassing $10, representing a 6,201% growth or 62X gain for investors.
Moreover, Marks has set an ambitious target of $17 for Dogecoin, projecting a staggering 21,744% rally to reach that price by 2025. At $17, Dogecoin’s market cap would exceed $2.54 trillion, showcasing the immense potential within the crypto market.
