Dogecoin on the Verge of Explosive Growth: Analysts Predict Over 500% Surge”
Dogecoin has recently shown signs of upward momentum, capturing the attention of analysts who see a significant opportunity for potential gains. The current price action of Dogecoin, coupled with the Relative Strength Index (RSI), suggests that a substantial upward movement might be imminent.
With a noticeable breakout from its previous resistance trendline, experts are indicating that the meme coin could be entering a new phase of bullish activity. Chart analysis expert Javon Marks highlights this development.
Hidden Bullish Divergence
According to Marks, the RSI indicates a hidden bullish divergence, which occurs when the RSI forms higher lows while the price makes lower lows, signaling a weakening of bearish pressure. This divergence is seen as a strong indicator of underlying market strength.
Dogecoin Expected to Surge by 513%
Marks believes that this divergence is a powerful signal of the market’s underlying strength. He notes that the RSI is nearing a breakout from a downward-sloping triangle, which could propel prices upward. If the RSI confirms this breakout, Dogecoin’s price could swiftly move toward the expected target of $0.6533, representing a potential gain of over 513% from its current level.
Marks also emphasized Dogecoin’s ongoing recovery to the same levels identified in his previous analysis. He compared the recent dip to a temporary shakeout and suggested that Dogecoin’s price could be on the verge of a significant continuation towards the $0.6533 target.
At that time, Marks estimated that the potential surge could see a 378% increase, with possible pullbacks. He also pointed out that breaking and sustaining above the $0.6533 level could pave the way for an additional 90% rise to $1.25.
Investor Profitability in Dogecoin
Recent data from IntoTheBlock has further bolstered positive sentiment around Dogecoin. According to the blockchain analytics platform, as of August 15, Dogecoin led investor profitability among top meme coins.
Read more Michael Saylor Sees Bitcoin’s Decline as a Temporary Discount Opportunity
A notable 72.75% of Dogecoin holders were in profit, a figure that has since risen to 80% following a price increase exceeding 5%. In comparison, rival meme coins like Shiba Inu and Floki lagged behind in profitability among their holders.
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