Dogecoin (DOGE) may be on the verge of a major price increase as the asset has continued its steady growth in recent weeks, rising by double digits. According to popular crypto analyst Javon Marks, based on historical chart patterns, memecoin may be on the verge of another parabolic rally, similar to the explosive bull runs seen in the past.
Why Dogecoin Could Surge Over 400%
Based on historical patterns, Marks revealed that Dogecoin could be in the early stages of a significant bull run, potentially heading towards a 431% price increase. Marks emphasized that Dogecoin could quickly reclaim its all-time high of $0.73905, supported by similar price behavior seen in the past.
This revelation was made specifically in a post on X accompanied by a historical price chart of DOGE, in which DOGE is showing a pattern known as a “descending wedge.”
This technical pattern occurs when the price of an asset consolidates between two downward sloping trendlines before eventually breaking out. In the case of Dogecoin, Marks noted that DOGE recently formed this falling wedge pattern and then broke out to the upside.
Historically, such breakouts have led to significant rallies in the price of Dogecoin. Based on this breakout, Marks predicts a significant rally, potentially exceeding 400%, as long as DOGE maintains its momentum.
DOGE's Recent Price Performance and Outlook
Over the past few weeks, Dogecoin has been showing gains, in line with the bullish outlook shared by analysts. In the past 7 days alone, DOGE has surged 23%, reaching a high of $0.135 earlier today.
This performance is notable as Dogecoin has maintained its upward momentum despite volatility in the broader cryptocurrency market. As of writing, Dogecoin is trading at $0.1333, up 9.5% over the past 24 hours.
In addition to Javon Marks’ analysis, another prominent figure in the cryptocurrency space, Trader Tardigrade, has also weighed in on Dogecoin’s recent market structure. In a post on X, Tardigrade noted that Dogecoin has shifted from a downtrend to an uptrend.
He pointed out that Dogecoin experienced a false breakout in the previous downtrend, but the lack of a lower low after the false breakout indicates a change in market sentiment. According to Tardigrade, Dogecoin is now forming higher highs and higher lows, signaling a possible continuation of its uptrend.
