Dogecoin has displayed resilience recently, with its price consistently making higher lows and testing the $0.25 mark. Following a period of consolidation at the close of September, the meme coin has shown positive momentum over the past day.
This upward motion is maintaining Dogecoin’s positive trend on the daily charts. Crypto analyst Javon Marks, in a analysis posted on X, suggests this price structure could be building toward a significant price surge.
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Positive Structure and Ascending Lows
Marks believes that Dogecoin’s current market behavior could signify the start of a substantial price increase, potentially driving the coin to $0.65 rapidly.
This forecast is based on a pattern of rising lows and highs observed on Dogecoin’s price chart. This formation is observable on the 5-day candlestick chart, dating back to the bear market of 2022. The initial ascending low originated from the 2022 low and has persisted through 2023 and into 2024. Each successive low indicates stronger buying interest following each dip, a positive indication of continued upward movement on longer timeframes.
A recent example occurred during September’s market correction, when Dogecoin found solid support around $0.22. Instead of falling further, the price bounced back from this point, establishing another rising low within the sequence. This reaction was critical, confirming that Dogecoin’s bullish momentum remained intact.
Marks emphasizes that this ascending structure suggests another upward wave is likely in progress. Therefore, the current trading range between $0.22 and $0.25 may represent a phase of accumulation before a notable upward movement.
Dogecoin 5-day price chart: Javon Marks on X
Potential for a 153% Climb to $0.6533
Marks’ forecast extends beyond a simple break above resistance. The analyst anticipates Dogecoin will set another high in the coming weeks and months. This could translate to a more than 153% increase from current levels.
The chart suggests an initial target of $0.6533 for this next wave. Reaching this valuation would require Dogecoin’s price to more than double. If Dogecoin reaches $0.6533, it would represent the most substantial uptrend since the beginning of 2021. Still, this would remain below its all-time high of $0.7316, suggesting that further gains are possible if positive market conditions continue.
The analysis also mentions the possibility of Dogecoin exceeding the $1 benchmark. In particular, a secondary price target is indicated at $1.25711, a level that may appear distant in the near future.
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Currently, Dogecoin is valued at approximately $0.2525, reflecting a 1.7% decline over the last 24 hours, but showing a 10% gain for the week.
Featured image courtesy of Pixabay, chart data from TradingView