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While Dogecoin underperforms, a prominent analyst asserts that the meme coin’s current price action echoes historical patterns that suggest an explosive 21,744% rally to $17.
Over the past day, Dogecoin (DOGE) has been under bearish pressure, hitting a 24-hour low of $0.1587 at press time. Its seven-day performance also depicts a lackluster trajectory with predominantly bearish candles.
On a 30-day scale, Dogecoin has gained by a modest 1.2% despite Bitcoin’s recent bullish rally, which saw it re-enter the $71K threshold. Initially, DOGE mirrored Bitcoin’s positive momentum but quickly erased those gains.
While Dogecoin struggles to impress, analyst Javon Marks remains confident that more than a 40X gain is possible. Marks arrived at this conclusion after analyzing Dogecoin’s market sentiment over the last two cycles and comparing it to current trends.
$DOGE (Dogecoin) –
The trend says a more than 4X to New All Time Highs and perhaps much, much greater!
According to this breakout trend, a >$10 DOGE may be on the way… https://t.co/eVpDwynejx pic.twitter.com/dChytYPZo3
— JAVON⚡️MARKS (@JavonTM1) June 5, 2024
Dogecoin’s Past Trend Compared to Now
The accompanying chart showed that during the 2016/2017 cycle, Dogecoin experienced a staggering 7,106% surge, climbing from $0.000206 to an all-time high in 2018.
Before this monumental rise, Dogecoin went through 659 days of price consolidation, marked by only a few significant price increases. Eventually, it broke out and soared to $0.01485, representing a 71-fold increase in value.
Subsequently, Dogecoin entered another extended period of bearish trends, which lasted for 527 days of consolidation until a turnaround in late 2020.
Following this second consolidation phase, Dogecoin’s value skyrocketed by an incredible 22,813%, nearly reaching the $1 mark in 2021. Elon Musk’s public support for the meme-inspired crypto significantly propelled this remarkable performance during that time.
Despite Musk’s continued backing, Dogecoin’s price witnessed severe dips alongside the broader crypto market. Notably, the analyst noted a recurring symmetry in Dogecoin’s price patterns before the consolidation phases. The pattern exhibited consistency for 2016, 2020, and now, 2024.
DOGE Set to Soar 21,744%
According to Marks’ chart, Dogecoin has already consolidated at low prices for 469 days. He suggests this trend indicates a potential for Dogecoin to achieve new all-time highs soon.
Specifically, Marks observed that a breakout trend for Dogecoin is already forming, projecting that a value exceeding $10 could be on the horizon. This target implies a 6,201% growth or a 62X gain for investors.
Meanwhile, the analyst also has his sights set on a higher target. One of his most ambitious projections for Dogecoin is $17. The analyst’s chart proposed a 21,744% rally to drive DOGE to $17 by 2025. At this price, Dogecoin’s market cap would exceed $2.54 trillion.