Dogecoin (DOGE) price has recently attracted a lot of attention, with many market analysts discussing the possibility of a significant surge. The meme coin has maintained crucial support levels, indicating a potential breakout according to various technical indicators. Recent analyses suggest that if DOGE continues on its current trajectory, it could experience exponential growth similar to previous market cycles.
Market analyst Javon Marks, known for his expertise, analyzed the historical price action of Dogecoin and identified a pattern of substantial rallies. Marks pointed out that DOGE saw a 90X rally in 2017 and a surge of over 306X in 2021. He observed that each bull phase in Dogecoin’s history has been more significant than the previous one, increasing the likelihood of another major rally.
Based on this analysis, Marks suggests that if DOGE follows the same pattern, it could surpass its previous records. He found that the cryptocurrency has gone through accumulation phases before breaking out into extended rallies. If this trend continues, Dogecoin’s price could potentially grow by over 306X and exceed $20 in the next bull market, particularly if a spot Dogecoin ETF receives approval.
Another crypto analyst, Ali Martinez, took a technical approach to examine the movement of Dogecoin’s price. Martinez identified a critical support level at $0.19 and emphasized that maintaining this level is crucial for sustaining bullish momentum. Conversely, breaking below these levels could undermine the upward trend, while holding above them could lead to higher price levels.
Martinez’s technical charts show an ascending price channel, with DOGE price consistently following structured movements. He suggested that a breakout above the key resistance at $0.30 could trigger strong rallies, potentially pushing the price toward the $10 range, as indicated in recent analysis.
It is important to note that there are similarities between the current cycle and previous bull runs. If DOGE follows the price pattern observed in 2017, it could be poised for a significant upward movement. However, overcoming major resistance zones is necessary to sustain this growth.
Despite recent price fluctuations, Dogecoin has experienced a surge in trading activity, with its 24-hour trading volume increasing by 22.58% to $2.02 billion. However, market data also shows a 3.66% price decline in the past day, with DOGE currently trading at $0.2539. Nevertheless, large-scale investors, commonly 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 significant accumulation suggests a high level of investor confidence and indicates a potential bullish trend going forward. As a result, analysts are optimistic about an upcoming major bull run.