Dogecoin, the popular memecoin, is showing surprising resilience in its recent trading activity despite a weekly decline. A prominent crypto analyst suggests this stability could be the precursor to a significant price surge, with ambitious targets on the horizon.
Dogecoin's Promising Technical Setup
Crypto analyst Javon Marks, widely recognized for his market insights, points to Dogecoin's consistent formation of "higher lows" on the 5-day candlestick chart as a crucial indicator. This pattern signifies that buying pressure consistently outweighs selling pressure, even amid broader market corrections. Dogecoin has successfully established new price floors following its recent rallies, notably in mid-July when it broke above $0.27, and another brief touch of $0.25 in August. According to Marks' technical analysis, this sustained "holding breakout structure" positions Dogecoin for an immediate breakout target of $0.6533, representing a potential gain of over 170% from its current price.
The Path to $1.25 and Beyond
Achieving the $0.6533 target would mark Dogecoin's most substantial bullish rally since early 2021, though it would still sit below its all-time high of $0.7316. However, Marks’ analysis extends further, predicting that a successful breakout at $0.6533 could propel DOGE towards an even more ambitious target of $1.25. Such a move would not only solidify Dogecoin's standing as a leading cryptocurrency but would also signal a major long-term trend shift, characterized by sustained higher highs and higher lows, effectively pushing the memecoin past the psychological $1 milestone. This would translate into an impressive 490% surge from its current trading level of approximately $0.2131. For this bullish scenario to unfold, the immediate challenge for Dogecoin bulls is to convert the ongoing higher-low structure into a decisive, upward breakout.
