The price of Dogecoin is showing incredible strength as it aims to recover and potentially rise to new highs. Prominent crypto analyst Javon Marks revealed that Dogecoin price recovery it could cause a significant price rally, achieving a 75% gain in the short term and a staggering 234% increase in the long term.
How Dogecoin Price Can Appreciate 75% and 234%
At X (formerly Twitter) posted on Friday, Marks revealed that the price of Dogecoin is currently shows significant potentialindicating market efficiency and the potential for bullish recovery in new price rises. The analyst shared a chart, announcing that Dogecoin has broken above the descending trend line that has served as critical resistance for nearly two years.
A downtrend line is a technical pattern that indicates a bearish trend in property. Since Dogecoin was previously trading within such a trend line, it shows that its price has been in a negative trend, marked by a decline and an extension. integration times as it struggles to overcome critical levels of resistance.
Dogecoin Exchange above the descending trend line is considered high bullish signalwhich marks a possible end to the long-term price stagnation. Additionally, Mark’s chart analysis shows that if Dogecoin can hold above its breakout point, it may warrant a strong upward push. the next price target.
The crypto analyst predicts that Dogecoin’s continued price recovery may result in a rise to its initial bullish target of $0.653. Reaching this price level will bring a staggering 75% profit. Dogecoin price today. If the meme coin can maintain its momentum and upward trajectory, the analyst expects an even bigger price increase to $1.25, marking a staggering 234% increase.
Dogecoin price is currently trading at $0.38, showing strong growth amid broader market volatility. The analyst’s emphasis on the meme coin’s strength comes as CoinMarketCap data revealed that Dogecoin’s price recorded an impressive 21% increase last week. A popular meme coin too maintaining its bullish momentumis experiencing a massive 14% price increase in the last 24 hours.
Dogecoin To Hit $1 Milestone Within Technical Pattern
As the price of Dogecoin continues to show strength, various market experts have issued many bullish predictions for the top meme coin. One notable thing Dogecoin price prediction by Trader Tardigrade, a famous crypto analyst, suggests that the meme coin could reach its desired milestone of $1 in January 2025.
An analyst shared a chart highlighting that Dogecoin recently entered the Distribution phase “Three power pattern (PO3)..” This unique pattern divides the market movement into three phases to show smart money movement: Accumulation, Manipulation, and Distribution.
Within the Distribution section of this technical pattern, Trader Tardigrade believes that Dogecoin can rise to $1. The analyst expressed confidence in his prediction, stressing that a 163% increase from the current market value of Dogecoin to $1 was a reasonable goal.
The featured image was created with Dall.E, a chart from Tradingview.com