Dogecoin’s Bullish Breakout: Analysts Predict 513% Price Surge

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Dogecoin has recently demonstrated upward momentum, capturing analysts’ attention and presenting a notable opportunity for potential gains. Following a significant breakout from a previous resistance trendline, experts are suggesting that the meme coin might be entering a new bullish phase.

Hidden Bullish Divergence Signals Potential Surge

Javon Marks, a chart analysis expert, identifies hidden bullish divergence in Dogecoin’s Relative Strength Index (RSI). This divergence occurs when the RSI shows higher lows while the price records lower lows. Such a pattern indicates that bearish pressure is weakening, hinting at a possible major bull move.

$DOGE (Dogecoin)'s RSI is nearing a breakout point and diverging (Hidden Bull) with Prices, a major bull move could be on the way!

With prices still broken out of a once key resisting structure, this bull move could be part of an over 513% climb to reach the $0.6533 target and… https://t.co/cxjLvdLAwn pic.twitter.com/lJRGql8Q16
— JAVON⚡️MARKS (@JavonTM1) August 19, 2024

Marks asserts that if the RSI confirms a breakout from its downward-sloping triangle, Dogecoin’s price could swiftly climb toward the projected target of $0.6533. This potential move represents a gain of over 513% from its current level.

In a previous analysis, Marks highlighted Dogecoin’s ongoing recovery and suggested that the recent pullback was merely a temporary shakeout. He speculated that Dogecoin could continue its ascent toward the $0.6533 target. Initially, he estimated a potential climb of 378%, with some possible pullbacks. However, Marks also pointed out that if Dogecoin breaks and holds above $0.6533, it could lead to an additional 90% surge, reaching $1.25.

Investor Profitability Supports Positive Sentiment

Recent data from IntoTheBlock further supports the optimistic outlook for Dogecoin. As of August 15, Dogecoin led in investor profitability among top meme coins. The blockchain analytics platform reported that 72.75% of Dogecoin holders were in profit.

Related article: DOGE Emerges 2024 Meme Coin Champion

This figure has since risen to 80% following a price increase of over 5%. In contrast, rival meme coins like Shiba Inu and Floki have not matched Dogecoin’s profitability levels among holders.