In recent days, Dogecoin’s price movement has shown consistent higher lows while making attempts to surpass $0.25. The meme coin has sustained bullish momentum over the past 24 hours following a consolidation phase at the end of September.
This progression has preserved Dogecoin’s uptrend on the daily chart, and according to technical analysis shared on the social media platform X by analyst Javon Marks, this setup may be preparing for a significant upward movement.
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Breakout Structure And Higher Lows
Marks indicates that Dogecoin’s current price pattern could be the beginning of a substantial rally that propels the meme coin to $0.65 in a swift move.
This forecast is based on a clear series of higher lows (HL) and higher highs that has been developing on the Dogecoin price chart. This pattern is observed on the 5-day candlestick timeframe and traces back to the 2022 bear market. The initial higher low emerged from the capitulation low in 2022 and continued through 2023 into 2024. Each higher low signifies increasing buyer interest following every correction, suggesting bullish continuation on larger timeframes.
The latest instance occurred during September’s decline, when Dogecoin established solid support at $0.22. Instead of breaking down further, the price rebounded from this point, forming yet another higher low in the series. This response was crucial as it confirmed that Dogecoin’s uptrend remains intact.
Marks emphasizes that this upward structure of higher lows suggests another wave up is likely on the horizon. Consequently, the present phase between $0.22 and $0.25 represents more of a buildup before the next explosive move upward.
Dogecoin 5-day price chart: Javon Marks on X
The Case For A 153% Rally To $0.6533
Marks’ forecast extends beyond a mere breakout. The analyst anticipates Dogecoin will initiate another higher high in the upcoming weeks and months. This upward wave could achieve more than a 153% increase from Dogecoin’s current price point.
His chart designates $0.6533 as the immediate target for this rally. Reaching this mark would necessitate Dogecoin more than doubling its current price, but this is not outside the realm of possibility given its historical price behavior. If Dogecoin were to hit the $0.6533 breakout target, it would mark its strongest bullish rally since early 2021. However, this remains below its 2021 all-time high of $0.7316, indicating further upside potential if bullish conditions prevail.
Interestingly, the analysis also suggests that Dogecoin might extend its rally beyond the $1 mark. Specifically, the secondary price target is set at $1.25711, although this may appear overly ambitious in the near term.
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As of this writing, Dogecoin is trading at $0.2525, down by 1.7% over the last 24 hours, but up 10% over the past week.
Featured image from Pixabay, chart from TradingView
