The Dogecoin (DOGE), currently the most popular meme-based cryptocurrency, is aligned for an additional uptrend, according to experts and analysis.
Another widely followed voice belonged to crypto expert Javon Marks who came up with a rosy scenario and predicted that DOGE could rally above $20 based on similar prior performance. According to Marks Dogecoin rose by 90 times during the first bull run of 2017 and by 306 times during the second bull run of 2021.
Dogecoin Price Recovery Highlighted
The projection is supported further by Marks’ technical outlook, pointing to the creation of a “God candle” a steep price rise that may take DOGE to $20. During this wave, its price could hit dozens of high numbers, agreed other experts including Dima James and Ali Martinez.
Martinez even said the price can reach up to $23 if DOGE touches the 2.272 level of the Fibonacci indicator. In the short-term, targets of interest are its recovery to the all-time high of $0.73 and higher figures. Master Kenobi, yet another crypto analyst, expects a further upward movement in the prices as DOGE moves closer to breaking out from a symmetrical triangle pattern.
When using external factors, Kenobi mentioned factors such as DTrump’s predicted inauguration as a market promoting factor. Another market analyst named Kevin Capital said that Dogecoin is still in a bullish trend as far as prices are higher than $0.26, with the prospects of touching $1.30 in the event of a breakout.
Despite a recent market-wide crash that has given DOGE investors a headache as prices fell, experts are assuring the public that the best is yet to come. This was also pointed out by Trader Tardigrade as the double-bottom formation on the 4-hour chart was formed and DOGE managed to break out.
As per Tardigrade, this configuration could force prices back up to $0.36 and a touch on the $0.40 psychological value. At the time of writing this article, Dogecoin is trading at $0.34 – a 5% increase in the last 24 hours, according to CoinMarketCap. Experts have their eyes focused on whether this current rally will potentially serve as the start to a new bull market for the leading cryptocurrency.
