Dogecoin 380% Surge ‘A Matter Of Time’, Analyst Predicts

Dogecoin (DOGE) prices could be about to undergo the roof. Famous crypto researcher Javon Marks thinks that the worth of DOGE could go up by 378%, which could push the meme currency to an all-time high of $0.6533. If this prediction comes true, it’ll be an enormous change for DOGE, whose road has all the time been like a roller coaster.

Dogecoin: The Bullish Outfit

Javon Marks compares Dogecoin’s price fluctuation to a market shakeout, which entails a small decline to eliminate weaker investors before an enormous surge. DOGE breached a significant resistance level after recovering from a severe fall, signalling a market turn towards optimism. Marks thinks this breakthrough might push DOGE to $0.6533, a 378% increase from its current price.

$DOGE (Dogecoin) continues to get well here, making the recent pullback look an increasing number of like a shakeout and these prices may be near ready for an enormous continuation towards the $0.6533!

This goal ($0.6533) stays well in play as a consequence of prices of Dogecoin holding broken out of… https://t.co/KeX303xNlx pic.twitter.com/iCiRxK3hSD

— JAVON⚡️MARKS (@JavonTM1) July 20, 2024

Dogecoin is trading at $0.1316 on the time of writing, a bit 3.50% rise previously 24 hours. Supported by a notable 31% increase in trade volume, this upswing conforms with a short-term optimistic trend. The more people participating available in the market, the more interest and expectation of further price changes implies.

The Road To $0.6533

Marks underlines that the one obstacle on the strategy to get $0.6533 is time. Any pullbacks during this era, he says, are probably support levels that help to sustain the overall advance. Having previously exceeded the vital 50-day EMA at $0.127, DOGE’s price is currently hanging on the 100-day EMA at $0.134. This support level has shown to be crucial because it shows great buying activity at this pricing range.

DOGE market cap currently at $19.9 billion. Chart: TradingView

Still, the trail to $0.6533 is just not without difficulties. At 59.69 straight away, the RSI indicator points to the market reaching overbounded area. This implies that, should the worth keep rising with no time of stabilisation, the bulls may develop into drained even when there remains to be space for upward mobility.

DOGE Price Forecast

Though the overall view is positive, short-term forecasts show DOGE’s price can decline. The current Dogecoin price forecast is that by August 21, 2024, the worth of Dogecoin will drop by -14.25% to $0.118211.

Source: CoinCodex

Combining a Fear & Greed Index with a rating of 70 (Greed) with technical indicators reflecting the current market attitude—which is optimistic—this projection is formed. With 6.90% price volatility over the past 30 days, Dogecoin recorded 16/30 (53%) green days signaling that straight away is a very good time to purchase it.