Dogecoin (DOGE) has gained significant attention recently, as analysts predict a potential surge if the cryptocurrency maintains a critical support level. Following an upward trajectory within an ascending channel, DOGE is showing signs of resilience, which may signal further price growth.
Analysts Eye Massive Potential for Dogecoin
According to cryptocurrency analyst Javon Marks, Dogecoin’s historical market cycles could indicate a substantial rally ahead. Marks highlighted DOGE’s previous explosive growth, including a 90X increase in 2017 and a staggering 306X surge in 2021. He noted that each bullish phase has outperformed the last, raising the possibility of even greater gains in the next market cycle.
Marks’ analysis suggests that DOGE could surpass its all-time high in the next rally, with a potential to achieve another 306X increase. If the meme coin continues to follow its past accumulation and breakout patterns, a price surge beyond $20 could be within reach.
Critical Resistance and Support Levels for DOGE
A report from CoinGape aligns with Marks’ outlook, emphasizing that Dogecoin’s price structure resembles that of previous bull runs. If DOGE can maintain its upward momentum and break through a critical resistance level at $0.30, it may be poised for a new all-time high.
Analyst Ali Martinez also provided a technical perspective, stressing the importance of DOGE holding above $0.19 to retain its bullish setup. Martinez’s chart shows an ascending price channel, indicating that sustained price action above this support level could lead to further gains, potentially pushing DOGE towards $10. However, any drop below $0.19 could weaken the bullish outlook.
Bullish Sentiment Amid Price Decline
Despite a recent 14% price decline in the past 24 hours, Dogecoin is experiencing heightened market activity. Trading volume surged by over 64% to $6.37 million, and large-scale accumulation by DOGE whales suggests strong investor confidence. With 750 million tokens purchased during the recent dip, the potential for a rebound remains strong, making Dogecoin a coin to watch in the coming months.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Dogecoin (DOGE) Eyes Breakout: Can Bulls Overcome Key Resistance at $0.272?
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