The Dogecoin price reaching double-digits stays a dream for its die-hard community, despite the meme coin failing to assert $1 even till now. Nevertheless, expectations that Dogecoin will eventually cross $10 remain high as one analyst has given the reason why the most important meme coin by market cap is about to surge by greater than 7,200%.
Dogecoin To Stage A Log Breakout
Crypto analyst Javon Marks took to X (formerly Twitter) to share an interesting development on the Dogecoin chart. Marks points out that a Log Breakout may very well be on the horizon for the meme coin, which may lead to a large surge in price.
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The rationale for the analyst’s optimism toward the Log Breakout are what transpired for Dogecoin the previous two times that it has appeared. The primary time this Log Breakout was accomplished for DOGE was back within the 2017-2018 bull market. This resulted in a 9,472% price increase, taking Dogecoin from a low of $0.0002 to a high of $0.01858.
However, within the 2020-2021 bull market, Dogecoin would undergo one other Log Breakout, this time resulting in a good more outstanding rally than before. This was the legendary 28,882% rally of 2021 when the DOGE price went from $0.0012 to almost $0.74.
Given this historical performance and bearing in mind that breakouts like these often rhyme with their previous appearances, the crypto analyst believes that the Dogecoin price is about to undergo one other major rally soon.
How Far Can DOGE Rise?
In his evaluation, Marks presents his own expectations for the Dogecoin price should the Log Breakout be accomplished. In accordance with the chart shared within the X post, Marks expects an at the very least 7,200% increase within the DOGE price from the present level. This might put the meme coin above $10 for the primary time in history.
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The crypto analyst explains that every Log Breakout has led to a bigger rally than the last, so this might mean that the DOGE price could rally higher. Nevertheless, with the Dogecoin market cap already so large, such immense rallies may very well be hard-fought from here.
Along with Dogecoin, Shiba Inu is one other meme coin that the crypto analyst is bullish on. In an earlier evaluation, Marks identified that the second-largest meme coin by market cap had confirmed a macro Hidden Bullish Divergence. Given this, he expects that the Shiba Inu price could rise 354% from its current level to succeed in its all-time high levels around $0.000081.
DOGE price recovers from dump | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com