Dogecoin (DOGE) prices might be about to go through the roof. Famous crypto researcher Javon Marks thinks that the value 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 will be a huge change for DOGE, whose road has always 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 a big surge. DOGE breached a major 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 recover here, making the recent pullback look more and more like a shakeout and these prices can be near ready for a massive continuation towards the $0.6533!
This target ($0.6533) remains well in play due to 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 at the time of writing, a little 3.50% rise in the past 24 hours. Supported by a notable 31% increase in trade volume, this upswing conforms with a short-term optimistic trend. The more people participating in the market, the more interest and expectation of further price changes implies.
The Road To $0.6533
Marks underlines that the only obstacle on the way to get $0.6533 is time. Any pullbacks during this period, he says, are probably support levels that help to sustain the general advance. Having previously exceeded the vital 50-day EMA at $0.127, DOGE’s price is currently hanging at the 100-day EMA at $0.134. This support level has shown to be crucial as it shows great buying activity at this pricing range.
Still, the path to $0.6533 is not without difficulties. At 59.69 right now, the RSI indicator points to the market reaching overbounded area. This suggests that, should the price keep rising without a time of stabilisation, the bulls may become tired even if there is still space for upward mobility.
DOGE Price Forecast
Though the general view is positive, short-term forecasts show DOGE’s price can decline. The present Dogecoin price forecast is that by August 21, 2024, the price of Dogecoin will drop by -14.25% to $0.118211.
Combining a Fear & Greed Index with a score of 70 (Greed) with technical indicators reflecting the present 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 right now is a good time to buy it.
The $1.25 Target Milestone
Beyond the first target, Marks advises exceeding and maintaining over $0.6533 to release another 90% rise, therefore driving DOGE to a price of $1.25. For this meme coin, reaching this milestone would be a historic triumph raising its price to levels not seen in previous significant market boom. Such a climb would confirm DOGE’s place in the crypto market and maybe draw fresh investors, therefore greatly increasing its market valuation.
Featured image from ComicBook, chart from TradingView