Dogecoin (DOGE) could be about to see a major surge as the asset continues to rise with double-digit gains in recent weeks.
Javon Marks, a well-known cryptocurrency analyst, said that based on historical chart patterns, memecoin could be on the verge of another parabolic move, similar to the explosive rallies seen in the past.
Why Dogecoin Could Rise Over 400%
Based on historical patterns, Max revealed that Dogecoin could be in the early stages of a massive bull run that could see prices rise by 431%. Max stressed that Dogecoin could quickly reclaim its all-time high of $0.73905 due to similar price behavior seen in the past.
This revelation specifically appeared in an article by X, accompanied by a historical price chart of DOGE, where DOGE showed a formation known as a “descending wedge.”
This technical pattern occurs when an asset price consolidates between two descending trendlines and eventually breaks out.
In the case of Dogecoin, Max observed that Dogecoin recently formed this falling wedge pattern and then broke out to the upside.
Historically, such breakouts have led to significant price increases for Dogecoin. Based on this breakout, Max predicts that as long as Dogecoin maintains momentum, its price will rise significantly, possibly by more than 400%.
DOGE recent price performance and outlook
Dogecoin has been on an upward trend over the past few weeks, in line with analysts’ bullish views. In the past seven days alone, Dogecoin has surged 23%, reaching a high of $0.135 early this morning.
This performance is noteworthy because Dogecoin has maintained its upward momentum despite overall volatility in the cryptocurrency market. At the time of writing, Dogecoin is trading at $0.1333, up 9.5% in the past 24 hours.
In addition to Javon Marks’ analysis, another well-known figure in the cryptocurrency space, trader Tardigrade, also expressed his views on the recent market structure of Dogecoin. In an article on X, Tardigrade pointed out that Dogecoin has turned from a downtrend to an uptrend.
