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.”
Dogecoin Set for Another Launch
Meanwhile, analyst Jake Wujastyk suggests that Dogecoin is preparing for an imminent price uptick. Citing his self-made Volume Shelf indicator, the commentator tweeted today that Dogecoin could gain substantially.
Notably, Dogecoin’s trading volume is up 94% in the past 24 hours to $8.12 billion, signaling growing interest in the token. Its volume trumps those of notable assets like Solana, Cardano, and BNB.
At press time, Dogecoin trades at $0.4333, up 7% in the past 24 hours. The leading meme coin remains on track to reach the $1 target an analyst speculated by year-end.
