Dogecoin (DOGE) enthusiasts are closely monitoring the cryptocurrency’s movements after recent predictions suggest a potential rally. Analyst Javon Marks has made a bold forecast, claiming that Dogecoin price could see a significant price surge of over 270%.
As pointed out by Marks, if the DOGE price remains above the ascending trend, the price might break though the current highs and touch the levels as high as $0.6533. This is because such optimism has been attributed through trends seen in the performance of Dogecoin price in the past.
Dogecoin Price Trends Point to 270% Rally
At the current phase, Dogecoin price is highly likely to move toward bullish sentiment once again. Javon Marks highlighted that DOGE has been making higher lows since the recent swing low area. A healthy trend that has prevailed from last week is manifested by the higher lows, meaning the price is preparing for a surge up.
In his case, Marks predicts a $0.6533 target which is 270% above the current ones. Subsequently, Javon Marks also emphasized that every time DOGE price formed higher lows, it moved up to even higher levels.
This consistent behavior, coupled with the current trend, leads Marks to predict that a rally could be imminent. According to his forecast, the next wave could push Dogecoin price above its resistance levels and set new price records. This prediction follows Trader Tardigrade’s forecast of a “J-shaped rebound” for Dogecoin price, which may set a path to a new ATH.
Resistance and Support Levels for Dogecoin
Ali Charts, another crypto analyst, has outlined key resistance and support levels that traders should watch closely. He identifies $0.18 and $0.21 as key resistance levels. If the Dogecoin price breaks above these resistance levels, Dogecoin could trigger the next major rally.
On the other hand, Javon Marks also highlighted important resistance zones for the Dogecoin price. These include the $0.25 to $0.26 range, which has previously acted as a point of support but has now turned into resistance. If Dogecoin’s price drops below this range, it could find buying interest and potentially bounce higher. If the price fails to breach these resistance levels, it could indicate further downside movement toward the $0.16 area.
Furthermore, recent whale activity has caught the attention of analysts. According to Ali, whales have been accumulating large amounts of Dogecoin, with over 220 million DOGE purchased in March alone. This buying activity indicates that larger investors may be positioning themselves for a possible rally, further adding to the optimism surrounding Dogecoin’s price outlook.
DOGE Bullish Outlook Amid New Upgrade
Among other appealing scenarios of Dogecoin price prediction, there is a planned upgrade of the ecosystem that implies switching to a new consensus algorithm called Proof-of-Twerk (PoTW). In the whitepaper, this proposal elaborates on how the current Proof-of-Work (PoW) mechanism can be replaced with fun and games.
Similarly to Marks, Cantonese Cat also featured analysts on their chart that project a bullish reversal of Dogecoin. Based on the weekly chart, the DOGE price has painted several bullish signals such as the long-term diagonal trendline and a convergence between the 100-week and 200-week SMA crossover.
Cantonese Cat notes that Dogecoin’s recent price movements near this trendline are essential to watch. A successful retest and defense of this trendline could confirm the breakout, supporting the case for further price increases.
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