Cryptocurrency Analysis: Dogecoin Price to Surge to New All-Time High?
Dogecoin Price Past Performance to Push It Above $0.73
Crypto analysts have been closely monitoring the price action of Dogecoin (DOGE), and one analyst, Javon Marks, believes that the meme coin is on the cusp of a fresh bullish wave. Marks, a well-known crypto analyst, has been tracking the price action of DOGE and has identified several key trends that suggest the coin could be ready to surge to new all-time highs.
Historical Analysis
In a recent tweet, Marks highlighted the performance of DOGE during the 2016/2017 and 2020/2021 bull runs. In both cycles, DOGE experienced a rapid price crash, followed by a prolonged period of consolidation. However, after the consolidation period, the coin recorded a massive price rally, breaking out to new all-time highs.
Current Market Analysis
Marks believes that DOGE is currently mirroring the same price action as the past. The meme coin has recently experienced a drop to new lows and has been in consolidation for several weeks. According to Marks, if DOGE can break out of its current bearish trend and consolidation period, it could initiate a new bullish wave, potentially pushing the price above its current all-time high of $0.73905.
Technical Analysis
Marks’ analysis is based on a thorough examination of DOGE’s price action, including its historical trends and current market conditions. He believes that DOGE’s price action is poised to follow a similar pattern to the past, with a potential 200% bullish move to a new all-time high.
Update on DOGE Price Action
Despite the ongoing bullish sentiments, DOGE’s price is still facing severe downward pressure. The coin has been in the red zone for weeks, down by almost 33.1% in the last month, according to CoinMarketCap. However, whales are still accumulating the coin, hoping for a price rally.
FAQs
Q: What is the current price of DOGE?
A: As of now, the price of DOGE is around $0.23.
Q: What is the predicted price target for DOGE?
A: According to Javon Marks, DOGE could potentially surge to a new all-time high, potentially above $0.73.
Q: What are the key factors driving DOGE’s price action?
A: The key factors driving DOGE’s price action are its historical trends, current market conditions, and the actions of whales, who are accumulating the coin in anticipation of a price rally.
Conclusion
In conclusion, the analysis of Javon Marks suggests that DOGE is poised for a fresh bullish wave, potentially pushing the price above its current all-time high. While the coin is currently facing downward pressure, the ongoing accumulation by whales and the potential for a 200% bullish move make it an attractive investment opportunity for those looking to get in on the ground floor of a new bull run.
