Dogecoin (DOGE) Poised for 270% Rally as Key Pattern Emerges

Dogecoin gathered momentum as whales ramped up their accumulation and purchased over 220 million DOGE in the month of March.

Dogecoin price has seen a 1.89% gain in the past 24 hours, bringing it to $0.1713 at the time of writing. The cryptocurrency is trading above key technical levels, which could open the door for a continuation of the recent rally.

At the current price of $0.1713, DOGE has seen a 1.89% gain on the daily charts, following the strength of the larger market. Technical indicators are pointing to further upside, especially following a falling wedge breakout.

Four-hour RSI has entered the oversold territory, and this often signals the price bottom. So long as Bitcoin maintains its current pace, Dogecoin can target $0.22-$0.25 over the next few weeks.

Dogecoin Poised For 270% Rally As Key Pattern Emerges

Analyst Javon Marks observed an interesting trend in the price movement of Dogecoin.

In Marks’s view, DOGE is forming a series of higher lows, a technical pattern that has caused enormous price spikes over the course of history.

He suggests that whenever Dogecoin has set this trend, it has been followed by an upward thrust to even higher levels. In his estimate, DOGE can rally over 270%, targeting the high of $0.6533.

Marks’s analysis does show historical correlation between price rallies and higher lows. This would be supportive of further upside as long as key support levels hold.

His latest post emphasized that Dogecoin’s long-term breakdown from the descending triangle confirmed the bullish setup.

DOGE Price Action: Still In Recovery Mode

Dogecoin price action shows a bullish breakout from months of range-bound price movement.

Since the dramatic plunge from its all-time high price of $0.6818 back in 2021, DOGE has been on the road to recovery.

Its recent breakthrough over the descending triangle resistance is a key turning point. Analysts are of the opinion that this breakthrough can set the stage for an extended rally.

Technical indicators are confirming this expectation, as increasing trading volume is an indicator of robust buying demand. Momentum indicators are also indicating renewed strength, as DOGE is making a series of higher lows.

If the price continues to rise, breaking the barrier around $0.25 may unlock the way to even greater heights. Marks speculates that, provided the bullish structure stays intact, DOGE may end up targeting $0.6533, a price corresponding to a previous high and a level at which massive selling pressure was encountered.