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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Based On Historical Pattern: Dogecoin Is On Track For Over 400% Rally, Analyst Reveals

Samuel Edyme
Samuel Edyme
6 months ago
3 mins read
Dogecoin On Track For a 400% Rally, Analyst Reveals

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Este artículo también está disponible en español.

Dogecoin (DOGE) might be on track for a massive rally as the asset continues its consistent uptick in recent weeks, up by a double-digit percent.

According to a renowned crypto analyst Javon Marks, based on the historical chart pattern, the memecoin may be on the brink of another parabolic run, similar to the explosive rallies witnessed in the past.

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Why An Over 400% Rally Is Plausible For Dogecoin

Based on historical patterns, Marks revealed that Dogecoin may be in the early stages of a significant bull run, potentially heading toward a 431% price increase. Marks highlighted that Dogecoin could quickly reclaim its all-time high of $0.73905, supported by similar price behaviors seen in the past.

This revelation was particularly made in a post on X accompanied with a historical price chart of DOGE whereby DOGE is showing a pattern known as the “falling wedge.”

This technical formation occurs when the price of an asset consolidates between two downward-sloping trendlines before eventually breaking out.

In Dogecoin’s case, Marks observed that DOGE had recently formed this falling wedge pattern and subsequently broken out to the upside.

Dogecoin (DOGE) analyzed price chart.
Dogecoin (DOGE) analyzed price chart. | Source: Javon Marks on X

Historically, such breakouts have led to substantial rallies in Dogecoin’s price. Based on this breakout, Marks predicts a significant surge, potentially over 400%, as long as DOGE maintains its momentum.

DOGE Recent Price Performance And Outlook

Over the past few weeks, Dogecoin has shown gains, aligning with the bullish outlook shared by analysts. In the last 7 days alone, DOGE has surged by 23%, reaching a high of $0.135 in the early hours of today.

This performance is notable, as Dogecoin has maintained its upward momentum despite fluctuations in the broader cryptocurrency market. When writing, Dogecoin is trading at $0.1333, representing a 9.5% increase in the past 24 hours.

Dogecoin (DOGE) price chart on TradingView
DOGE price is moving upwards on the 2-hour chart. Source: DOGE/USDT on TradingView.com

In addition to Javon Marks’ analysis, another prominent figure in the crypto space, Trader Tardigrade, has also weighed in on Dogecoin’s recent market structure. In a post on X, Tardigrade noted that Dogecoin has transitioned from a downtrend to an uptrend.

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He pointed out that Dogecoin experienced a false breakout during its previous downtrend, but the absence of a lower low following the false breakout indicates a change in market sentiment. According to Tardigrade, Dogecoin is now forming higher highs and higher lows, signaling a potential continuation of its bullish trend.

#DOGECOIN market structure is obviously changed from downtrend to uptrend 🔥
In the downtrend🔵, $DOGE formed False Breakout and lower low afterwards.
After a transition🟡 with a false breakout, but no more lower low, $DOGE created a Breakout with a higher low.
It’s now making… pic.twitter.com/cy9owb6Ydz

— Trader Tardigrade (@TATrader_Alan) October 18, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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