Emily Walker
The price of Dogecoin is exhibiting strong upward potential as it looks to recover and possibly reach new all-time highs. Crypto analyst Javon Marks predicts that this recovery could result in a notable price rally, with short-term gains of 75% and a long-term increase of 234%.
Potential of a 75% and 234% Rally in Dogecoin
In a recent post on X (previously Twitter), Marks pointed out that the current Dogecoin price shows significant strength, suggesting a positive market outlook and potential for long-lasting bullish momentum. He also shared a chart indicating that Dogecoin has moved past a descending trend line, a major resistance that has been in place for almost two years.
A descending trend line signals a downtrend in an asset. Dogecoin previously faced such a trend, which was characterized by steep declines and periods of stagnation as it struggled with key resistance levels.
The breakout from this trend line is viewed as a strong bullish indicator, possibly ending a lengthy period of price stagnation. Marks’ analysis indicates that maintaining the price above this breakout point could confirm solid upward momentum heading toward new price targets.
The analyst estimates that Dogecoin’s recovery may hit a first target of $0.653, representing a remarkable 75% increase from its current price. If the trend continues positively, he predicts an even larger jump to $1.25, indicating a staggering 234% rise.
Currently, Dogecoin trades at $0.38, showing substantial growth amid broader market fluctuations. The analyst’s comments come as CoinMarketCap reveals a remarkable 21% increase in Dogecoin’s price over the past week, alongside a 14% surge in just 24 hours, indicating continued bullish momentum.
Dogecoin’s Journey to the $1 Milestone
As Dogecoin strengthens, multiple bullish forecasts from market experts are emerging. A notable prediction from crypto analyst Trader Tardigrade suggests that the meme coin could achieve the long-awaited $1 milestone by January 2025.
The analyst’s chart indicates that Dogecoin is currently in the Distribution phase of the “Power of Three (PO3) pattern,” which breaks market movements into three phases: Accumulation, Manipulation, and Distribution.
During the Distribution phase, Trader Tardigrade is confident that Dogecoin could reach the $1 mark, emphasizing that a 163% increase from the current price is achievable.