As August unfolds, Dogecoin (DOGE) has faced challenges, mirroring broader trends of weakness in the global crypto market, whose market cap has fallen to $2.31 trillion, marking a 3.01% decline over the past 24 hours.
Notably, over the past week, DOGE has seen a string of bearish movements, with its price dropping to a low of $0.11 on August 1. Despite this recent dip, there is growing optimism among crypto analysts who believe DOGE may be poised for a substantial rally.
In a Wednesday tweet, analyst Javon Marks highlighted a historical pattern where each breakout in DOGE’s price has led to substantial upward movements.
“Over the years, $DOGE’s log breakouts have ALWAYS led into massive upsides, and prices have done so again with a break currently holding! Based on the previous two breakouts, each of these runs has consecutively gotten larger. If we see this pattern repeat, we could be looking at a DOGE price exceeding $10 in a >7,200% bull run.” Marks noted.
Notably, the pundit referred to the price movements observed during major bull runs in 2017 and 2021, suggesting a similar pattern could emerge again.
Supporting Marks’ optimistic forecast, analysts Poseidon and Cryptollica projected that DOGE could potentially triple or quadruple its current value of approximately $0.121 following the recent breach of a key trendline.
Meanwhile, analyst ‘Master Kenobi’ presented even more ambitious forecasts, drawing on a price channel that DOGE has been trading within since 2016. He forecasted that DOGE could reach $0.89 by November 2024, $2.20 by February 2025, and possibly $6.90 by the end of March 2025.
However, not all analysts share this unreserved optimism. On Wednesday, analyst Kaleo cautioned that DOGE may face additional declines before any significant bull run materializes. Commenting on an analysis he has been updating since July 24, Kaleo suggested that previous bull runs typically began 8-9 months after key market events, such as Bitcoin halvings.
The most recent Bitcoin halving occurred only two months ago, so he speculated that a substantial DOGE breakout might not occur from December 2024 to February 2025. He also warned that DOGE could retrace to the 8-10 cents range before any major upward movement, reflecting a pattern seen in August 2020.
At press time, DOGE was trading at 0.1126, reflecting a 1.37% drop over the past 24 hours.
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