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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.
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.
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