- Dogecoin Eyes 270% Surge with Higher Lows Trend
- Whales Accumulate 220M DOGE, Boosting Bullish Outlook
- Key Resistance at $0.18 & $0.25 May Define Breakout
Dogecoin (DOGE) is maintaining a pattern of higher lows, which has previously led to strong price increases. Analysts suggest a substantial price increase following this current trend and predict DOGE might rally by 270%.
DOGE Price Trends and Resistance Levels
Crypto analyst Javon Marks has noted that Dogecoin has consistently formed higher lows since its recent swing low. He suggests that if this trend continues, DOGE could see a breakout above its current resistance levels. Marks has set a target price of $0.6533, which would represent a 270% increase from the current level.
Other analysts, including Ali Charts, have identified key resistance zones that could determine the coin’s movement. The initial resistance levels to watch exist at $0.18 and $0.21,the stronger one lies between $0.25 and $0.26. The coin might maintain its rising trend after reaching these resistance targets.However, if the price fails to hold above these zones, it could decline toward the $0.16 range.
Market activity also suggests growing interest in Dogecoin. Reports indicate that large investors, or “whales,” have purchased over 220 million DOGE in March. This accumulation could indicate confidence in an upcoming price increase.
Market Factors and Future Projections
Recent developments in the cryptocurrency market and broader economic factors are also influencing Dogecoin’s price movement.Dogecoin rose by 7% during this week above Ethereum (ETH) and Solana (SOL) in the major cryptocurrency market. Following a time of market turbulence caused by economic factors alongside political comments the price of Dogecoin began to increase.
Technical indicators show that DOGE recently broke above its 5-day simple moving average (SMA) at $0.17, suggesting bullish momentum. If this trend holds, the next target would be $0.20. However, if it falls below $0.1650, it may face further declines.
Overall, Dogecoin’s pattern of higher lows indicates a potential bullish breakout. If the trend follows previous movements, the price could reach the projected target of $0.6533.
