Dogecoin (DOGE) Enthusiasts Are Closely Monitoring the Cryptocurrency’s Movements After Recent Predictions

Dogecoin (DOGE) enthusiasts are closely monitoring the cryptocurrency’s movements after recent predictions suggest a potential rally.

Dogecoin (CRYPTO: DOGE) price has been a subject of interest among cryptocurrency enthusiasts, especially following recent predictions by analysts. Among them, Javon Marks has claimed that the cryptocurrency could rally by over 270%.

According to Marks, if the price remains above the ascending trend, it might break though the current highs and touch the levels as high as $0.6533. This optimism stems from trends observed in the past.

As pointed out by the analyst, at the current phase, Dogecoin price is highly likely to move toward bullish sentiment once again. Javon Marks highlighted that DOGE has been making higher lows since the recent swing low area. A healthy trend that has prevailed from last week is manifested by the higher lows, meaning the price is preparing for a surge up.

In his case, Marks predicts a $0.6533 target which is 270% above the current ones. Subsequently, Javon Marks also emphasized that every time DOGE price formed higher lows, it moved up to even higher levels.

This consistent behavior, coupled with the current trend, leads Marks to predict that a rally could be imminent. According to his forecast, the next wave could push Dogecoin price above its resistance levels and set new price records. This prediction follows Trader Tardigrade’s forecast of a “J-shaped rebound” for Dogecoin price, which may set a path to a new ATH.

On the other hand, crypto analyst Ali Charts has identified key resistance and support levels that traders should keep an eye on. According to his analysis, the price of Dogecoin could encounter resistance at the $0.18 and $0.21 levels. However, if the cryptocurrency manages to break through these resistance levels, it could trigger the next major rally.

In the same vein, Javon Marks highlighted important resistance zones for the Dogecoin price. These include the $0.25 to $0.26 range, which has previously acted as a point of support but has now turned into resistance. If Dogecoin’s price drops below this range, it could find buying interest and potentially bounce higher. Finally, if the price fails to breach these resistance levels, it could indicate further downside movement toward the $0.16 area.

Moreover, recent whale activity has caught the attention of analysts. According to Ali, whales have been accumulating large amounts of Dogecoin, with over 220 million DOGE purchased in March alone. This buying activity indicates that larger investors may be positioning themselves for a possible rally, further adding to the optimism surrounding Dogecoin’s price outlook.

Among other appealing scenarios of Dogecoin price prediction, there is a planned upgrade of the ecosystem that implies switching to a new consensus algorithm called Proof-of-Twerk (PoTW). In the whitepaper, this proposal elaborates on how the current Proof-of-Work (PoW) mechanism can be replaced with fun and games.

Similarly to Marks, Cantonese Cat featured analysts on their chart that project a bullish reversal of Dogecoin. Based on the weekly chart, the DOGE price has painted several bullish signals such as the long-term diagonal trendline and a convergence between the 100-week and 200-week SMA crossover.

Cantonese Cat notes that Dogecoin’s recent price movements near this trendline are essential to watch. A successful retest and defense of this trendline could confirm the breakout, supporting the case for further price increases.