Dogecoin Needs to Close Above This Level for More Upside: Analyst
With Dogecoin at the upper boundary of an ascending triangle, an analyst gives a price mark the meme coin needs to hold to confirm a breakout.
In an analysis today, market commentator Rekt Capital has suggested that meme coins could be up for a bullish upswing. His commentary, which featured the sector’s alpha Dogecoin, speculated “another round of money flow” for meme-inspired tokens.
However, Rekt Capital insisted that Dogecoin (DOGE) would have to validate the bullish pattern. The analyst stated that a daily close above the pattern top at $0.43 would confirm what he believes is a breakout from the prevalent ascending triangle structure.
Dogecoin to Target New All-Time High
Meanwhile, analyst Javon Marks confirmed the presiding bullish momentum on the Dogecoin ecosystem. In a Friday tweet, he asserted that Dogecoin is up for another round of price upswing.
His commentary affirms that the largest meme coin by market cap targets a 63% surge past its current all-time high to new price discoveries. Notably, the analyst based his assertions on a scintillating historical Dogecoin uptrend pattern.
In an accompanying chart, Marks shows a similar pattern in 2017 and 2021 before Dogecoin broke its all-time highs. Each cyclical pattern featured a breakout, a range, and a surge to a new all-time high.
With Dogecoin breaking out in 2023, consolidating from its former yearly high of $0.22888 in March, and pushing past the peak early this month, a new all-time high remains for the meme coin.
Considering the percentage surge from the previous cycles, Marks speculated that a 63% surge to above $0.73905 remains on the card for DOGE.
Furthermore, Javos Marks emphasized that Dogecoin would see more uptrends after the 63% surge. He implied that after consolidating from the ATH breach, the meme coin will enter another “significant cyclical bull move.”
