Dogecoin 380% Surge A Matter Of Time, Analyst Predicts
Dogecoin (DOGE) prices might be about to go through the roof. Famous crypto researcher Javon Marks thinks that the value of DOGE could go up by 378%, which could push the meme currency to an all-time high of $0.6533. If this prediction comes true, it will be a huge change for DOGE, whose road has always been like a roller coaster.
Dogecoin: The Bullish Outfit
Javon Marks compares Dogecoins price fluctuation to a market shakeout, which entails a small decline to eliminate weaker investors before a big surge. DOGE breached a major resistance level after recovering from a severe fall, signalling a market turn towards optimism. Marks thinks this breakthrough might push DOGE to $0.6533, a 378% increase from its current price.
$DOGE (Dogecoin) continues to recover here, making the recent pullback look more and more like a shakeout and these prices can be near ready for a massive continuation towards the $0.6533!
This target ($0.6533) remains well in play due to prices of Dogecoin holding broken out of https://t.co/KeX303xNlx pic.twitter.com/iCiRxK3hSD
JAVONMARKS (@JavonTM1) July 20, 2024
Dogecoin is trading at $0.1316 at the time of writing, a little 3.50% rise in the past 24 hours. Supported by a notable 31% increase in trade volume, this upswing conforms with a short-term optimistic trend. The more people participating in the market, the more interest and expectation of further price changes implies.
The Road To $0.6533
Marks underlines that the only obstacle on the way to get $0.6533 is time. Any pullbacks during this period, he says, are probably support levels that help to sustain the general advance. Having previously exceeded the vital 50-day EMA at $0.127, DOGEs price is currently hanging at the 100-day EMA at $0.134. This support level has shown to be crucial as it shows great buying activity at this pricing range.
Still, the path to $0.6533 is not without difficulties. At 59.69 right now, the RSI indicator points to the market reaching overbounded area. This suggests that, should the price keep rising without a time of stabilisation, the bulls may become tired even if there is still space for upward mobility.
DOGE Price ForecastThough the general view is positive, short-term forecasts show DOGEs price can decline. The present Dogecoin price forecast is that by August 21, 2024, the price of Dogecoin will drop by -14.25% to $0.118211.
Combining a Fear & Greed Index with a score of 70 (Greed) with technical indicators reflecting the present market attitudewhich is optimisticthis projection is formed. With 6.90% price volatility over the past 30 days, Dogecoin recorded 16/30 (53%) green days signaling that right now is a good time to buy it.
The $1.25 Target MilestoneBeyond the first target, Marks advises exceeding and maintaining over $0.6533 to release another 90% rise, therefore driving DOGE to a price of $1.25. For this meme coin, reaching this milestone would be a historic triumph raising its price to levels not seen in previous significant market boom. Such a climb would confirm DOGEs place in the crypto market and maybe draw fresh investors, therefore greatly increasing its market valuation.
Featured image from ComicBook, chart from TradingView
Read more: https://www.newsbtc.com/news/dogecoin-380-surge-a-matter-of-time-analyst-predicts/
Text source: NewsBTC
