This Dogecoin Breakout Could Spark 513% Surge Toward $0.6533 Target
thecryptobasic.com 20 August 2024 10:20, UTC Dogecoin has recently shown signs of upward momentum, drawing attention from analysts who see a significant opportunity for potential gains.
With a notable breakout from a previous resistance trendline, experts suggest that the meme coin may be entering a new phase of bullish activity. Javon Marks, an expert in chart analysis, points out that Dogecoin’s current price action, along with its Relative Strength Index (RSI), indicates that a major bull move could be imminent.
Hidden Bullish Divergence
Per Marks, the RSI indicator is signaling hidden bullish divergence. This occurs when the RSI forms higher lows while the price experiences lower lows, suggesting that bearish pressure is weakening.
Dogecoin to Rally 513%
Marks believes this divergence is a strong signal of underlying market strength. He notes that the RSI is approaching a breakout from a downward-sloping triangle, which could propel prices higher.
If the RSI confirms this breakout, Dogecoin’s price might move rapidly toward the projected target of $0.6533, representing a potential gain of over 513% from its current level.
In an earlier analysis, Javon Marks highlighted Dogecoin’s ongoing recovery to the same levels as in the recent analysis. He emphasized that the recent pullback resembled a temporary shakeout and suggested that Dogecoin’s price could be on the verge of a significant continuation towards the $0.6533 target.
At the time, he estimated that the potential climb could see an increase of 378%, with the possibility of pullbacks. Marks also noted that a break and hold above the $0.6533 level could pave the way for an additional 90% surge to $1.25.
Dogecoin’s Investor Profitability
Recent data from IntoTheBlock has further reinforced the positive sentiment around Dogecoin. According to the blockchain analytics platform, as of August 15, Dogecoin led in investor profitability among top meme coins.
The report showed that 72.75% of Dogecoin holders were in profit, a figure that has since climbed to 80% following a price increase of over 5%. In comparison, rival meme coins such as Shiba Inu and Floki have lagged behind in profitability among holders.
