Based On Historical Pattern: Dogecoin Is On Track For Over 400% Rally, Analyst Reveals
19 Ottobre 2024 - 4:30AM
NEWSBTC
Dogecoin (DOGE) might be on track for a massive rally as the asset
continues its consistent uptick in recent weeks, up by a
double-digit percent. According to a renowned crypto analyst Javon
Marks, based on the historical chart pattern, the memecoin may be
on the brink of another parabolic run, similar to the explosive
rallies witnessed in the past. Related Reading: Dogecoin Sees Sharp
Decline: Over 106,000 Wallets Abandon The Memecoin Why An Over 400%
Rally Is Plausible For Dogecoin Based on historical patterns, Marks
revealed that Dogecoin may be in the early stages of a significant
bull run, potentially heading toward a 431% price increase. Marks
highlighted that Dogecoin could quickly reclaim its all-time high
of $0.73905, supported by similar price behaviors seen in the past.
This revelation was particularly made in a post on X accompanied
with a historical price chart of DOGE whereby DOGE is showing a
pattern known as the “falling wedge.” This technical formation
occurs when the price of an asset consolidates between two
downward-sloping trendlines before eventually breaking out. In
Dogecoin’s case, Marks observed that DOGE had recently formed this
falling wedge pattern and subsequently broken out to the upside.
Historically, such breakouts have led to substantial rallies in
Dogecoin’s price. Based on this breakout, Marks predicts a
significant surge, potentially over 400%, as long as DOGE maintains
its momentum. DOGE Recent Price Performance And Outlook Over the
past few weeks, Dogecoin has shown gains, aligning with the bullish
outlook shared by analysts. In the last 7 days alone, DOGE has
surged by 23%, reaching a high of $0.135 in the early hours of
today. This performance is notable, as Dogecoin has maintained its
upward momentum despite fluctuations in the broader cryptocurrency
market. When writing, Dogecoin is trading at $0.1333, representing
a 9.5% increase in the past 24 hours. In addition to Javon Marks’
analysis, another prominent figure in the crypto space, Trader
Tardigrade, has also weighed in on Dogecoin’s recent market
structure. In a post on X, Tardigrade noted that Dogecoin has
transitioned from a downtrend to an uptrend. Related Reading:
Dogecoin Is The Top ‘Trump Victory’ Trade, Says Investment Firm CEO
He pointed out that Dogecoin experienced a false breakout during
its previous downtrend, but the absence of a lower low following
the false breakout indicates a change in market sentiment.
According to Tardigrade, Dogecoin is now forming higher highs and
higher lows, signaling a potential continuation of its bullish
trend. #DOGECOIN market structure is obviously changed from
downtrend to uptrend 🔥 In the downtrend🔵, $DOGE formed False
Breakout and lower low afterwards. After a transition🟡 with a false
breakout, but no more lower low, $DOGE created a Breakout with a
higher low. It’s now making… pic.twitter.com/cy9owb6Ydz — Trader
Tardigrade (@TATrader_Alan) October 18, 2024 Featured image created
with DALL-E, Chart from TradingView
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