- Dogecoin’s RSI indicates a potential 513% surge, targeting the $0.6533 mark.
- Javon Marks predicts Dogecoin could reach $1.25 after breaking the $0.6533 resistance.
- Despite a recent dip, Dogecoin shows strong bullish signals, reinforcing the long-term outlook.
Dogecoin ($DOGE) is nearing a technical milestone, with its Relative Strength Index (RSI) suggesting a potential significant bullish move. Javon Marks, a crypto analyst, has highlighted that Dogecoin’s RSI is approaching a breakout point, diverging bullishly with its price. This could signal the start of a substantial price surge, potentially leading to a climb of over 513%, targeting the $0.6533 mark.
On July 30th, Marks observed that Dogecoin was recovering well, turning the recent pullback into what appeared to be a shakeout. This recovery kept the $0.6533 target within reach, suggesting that the only barrier to a 378% climb could be time.
He emphasized that Dogecoin’s price had broken out of a significant resisting trend, reinforcing the possibility of reaching this target. Moreover, a break and hold above $0.6533 could pave the way for an additional 90% increase, potentially driving the price to $1.25.
Reflecting on Marks’ analysis from June 30th, Dogecoin’s next upward leg towards the $0.6533 target was seen as a matter of time, with prices potentially preparing for a break above. At that time, the price breakout suggested a possible 404% run towards the target.
Marks also noted that Dogecoin’s price had surged by 120%, reinforcing the bullish outlook. With the breakout holding strong, a further 342% climb towards the $0.6533 target seemed plausible. Additionally, lower timeframes have confirmed bullish signals, indicating that this upward trend could be part of a larger process, potentially leading to a significant price increase.
As of the time of writting, Dogecoin was trading at $0.100972, with a 24-hour trading volume of $447,645,951. Despite a slight decline of 2.92% over the past 24 hours, the cryptocurrency maintains a strong market position, ranking #9 on CoinMarketCap with a live market cap of $14.7 billion.
With a circulating supply of 145.5 billion DOGE coins, Dogecoin’s market dynamics suggest that it remains a key player in the cryptocurrency space, with the potential for substantial growth as outlined by Marks’ analysis.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
