The price of Dogecoin (DOGE) has recently attracted the attention of many market analysts, who are discussing the possibility of a significant surge. The meme coin has maintained key support levels, which, according to various technical indicators, suggests that it is at a breakout point. Recent analyses indicate that if DOGE continues on its current trajectory, it may experience exponential growth patterns similar to previous market cycles.
Javon Marks, a well-known market analyst, has studied the historical price action of Dogecoin and identified a pattern of significant rallies. Marks pointed out that in 2017, DOGE saw a rally of 90 times its value, and in 2021, it experienced a surge of over 306 times. He noted that each bull phase in Dogecoin’s history has outperformed the previous one, increasing the likelihood of another major rally.
Based on this analysis, Marks suggests that if DOGE follows the same pattern, it may surpass previous records. He shows that the cryptocurrency has entered into accumulation phases before breaking out into extended rallies. Following this trend, Dogecoin’s price may see another growth of over 306 times, potentially reaching $20 in the next bull market, especially if a Dogecoin ETF is approved, as mentioned in a previous article.
Another crypto analyst, Ali Martinez, has taken a technical approach to analyzing the movement of Dogecoin’s price. He has identified a critical support level at $0.19 and emphasizes the importance of holding above this level to maintain bullish momentum. On the other hand, breaking below this level could undermine the upward trend, while staying above it could set the stage for higher levels.
Martinez’s technical charts show an ascending price channel, with Dogecoin’s price consistently following structured movements. He suggests that a breakout above the key resistance level at $0.30 could lead to strong rallies, potentially pushing the price towards the $10 range, according to recent analysis.
It is worth noting that there are similarities between the current cycle and previous bull runs. If Dogecoin follows the 2017 price pattern, it could be poised for a significant upward movement. However, it will need to overcome major resistance zones to sustain this growth.
Despite recent price fluctuations, Dogecoin has seen an increase in trading activity, with a 24-hour volume of $2.02 billion, representing a 22.58% increase. However, market data also shows a 3.66% decline in DOGE price in the past day, currently trading at $0.2539. Nevertheless, large-scale investors, known as “whales,” have been actively accumulating the token.
Reports indicate that Dogecoin whales have purchased approximately 750 million DOGE since the price dropped to $0.2. This level of accumulation demonstrates significant investor confidence and suggests a potential bullish trend in the future. As a result, analysts are optimistic about the start of a major bull run in the near future.