Dogecoin (DOGE) has maintained a stable price over the past month, even as the broader cryptocurrency market has faced downturns. However, according to market analyst Javon Marks, this stability may soon give way to a significant rally, with potential gains of over 500% on the horizon.
Potential for a 500% Price Surge
Javon Marks highlighted that Dogecoin’s Relative Strength Index (RSI) is approaching a breakout point, a signal that could indicate a major bull run is imminent. Marks said,
“DOGE’s RSI is nearing a breakout point and diverging (Hidden Bull) with Prices, a major bull move could be on the way!”
Based on his analysis, if Dogecoin manages to break and sustain above current resistance levels, the price could surge by over 513%, reaching approximately $0.6533. This projection is grounded in previous price behaviors and technical patterns, drawing comparisons to Dogecoin's all-time high of $0.73 in early 2021. After a significant downtrend and period of consolidation throughout 2021 and 2022, Dogecoin showed some recovery in 2023, though the momentum was short-lived.
The current analysis suggests that the anticipated bullish move could propel Dogecoin back toward its previous highs, with analysts already identifying targets at $0.24 and $0.36.
Market Sentiment and Price Action
Dogecoin has recently broken through key resistance levels, fueling further speculation about an impending bullish move. As of the latest data, Dogecoin was trading at $0.1051, marking a 5.04% increase over the last 24 hours and a 0.13% increase over the past week. This price movement has led to growing optimism among investors.
Javon Marks also noted a similar pattern in July, suggesting that the recent price pullback could have been a shakeout, with Dogecoin potentially gearing up for a rally toward $0.6533.
Despite the broader market's bearish sentiment, Dogecoin's active user base remains strong. Data shows that 73% of Dogecoin holders are currently in profit, with 20% at a loss. Additionally, large holders control 62% of the token’s supply, and 67% of Dogecoin holders have held their tokens for over a year—indicating strong long-term support for the cryptocurrency.
Transaction Volumes and Market Indicators
Dogecoin’s transaction volumes remain robust, totaling $778.93 million over the past seven days, reflecting ongoing market activity despite the stable price. The cryptocurrency continues to show a strong price correlation with Bitcoin, currently at 0.97.
According to IntoTheBlock data, market signals for Dogecoin have shifted towards a predominantly bullish outlook, with three bullish indicators, one neutral, and two bearish signals. While on-chain signals still reflect some bearish trends, such as net network growth at 0.09% and “In the Money” at -0.59%, exchange signals are showing strength. A smart price reading of -0.02% and a bid-ask volume imbalance of -5.11% suggest positive momentum is building.
