A popular meme coin has shown signs of recovery

A popular meme coin has shown signs of recovery as it entered bullish territory with analysts showing optimism for the future of the crypto

Popular meme coin, Dogecoin (CRYPTO: DOGE), has shown signs of recovery as it entered bullish territory. Analysts at JavonTM1 on X, formerly Twitter, showed optimism for the future of the crypto in the upcoming months.

Analysts predict that Dogecoin’s current momentum will push it to a possible 318% rally, giving their insights on what is driving this move upward.

Dogecoin Could Soar 318%

One analyst highlighted that Dogecoin could be preparing for a 318% increase, which is possible since the breakout experienced by the meme coin aligns with its historical price movements.

“With the breakout target at $0.6533, another +318% increase to reach it can be in the growths and prices may only be preparing here to do so,” JavonTM1 said.

JavonTM1 made the prediction after the meme coin soared by 129% following a breach of a critical resistance trendline.

“Prices of $DOGE (Dogecoin) are still up nearly +129% since breaking out of the pictured resisting trend, and with prices still broken out and, in a position to confirm another set of Higher Lows, even more upside can be coming!”

The analyst further explained that the strong breakout, which resulted in a 129% rally, is a significant event, especially considering the substantial correction phase that unfolded before the breakout.

Analysts used the Elliott Wave Theory to explain the future of DOGE. According to the charts, Dogecoin’s price might be "in the middle of a bullish impulse wave." They argued that the coin’s volume spikes showed that there was an increase in market participation, supporting the possibility of sustained upward movement.

Meanwhile, a curved trendline on the chart indicates that the meme coin has shifted from a prolonged correction phase into a breakout phase.

Last month, JavonTM1 noted that Dogecoin, hitting $0.6533, is just around the corner.

“It’s only a matter of time here with such a major breakout response and climb thus far but a move above is looking more and more likely!” he remarked.

Another analyst, Ali Martinez, believes that DOGE is heading towards a potential price rebound, reinforcing the coin’s bullish outlook.

Using the TD Sequential indicator to explain the likely surge, Martinez said that the indicator has flashed a buy signal on the daily chart, a cue used by investors to identify trend reversals.

This usually happens after a bearish phase, indicating that the meme coin could be moving toward the recovery phase.

Data showed that DOGE remains in a strong position following the price breakout, indicating possible further gains.

At press time, Dogecoin is traded at $0.1720 per coin with a market cap of more than $25 billion.