Amid the general decline, the Dogecoin market DOGE $0.16 Binance-Peg Dogecoin 5.40% Market capitalization $0.42 billion VOL. 24 hours $0.15 billion demonstrates non-standard behavior, forming a series of higher local lows. According to analyst Javon Marks, such dynamics indicate an increase in buying pressure and may signal the start of a new uptrend.
After a prolonged decline in price, the coin managed to break through the downtrend line, which may indicate the end of the bearish phase. Historically, similar graphical formations have already preceded Dogecoin’s sharp growth, and Marks believes that if this dynamic is repeated, the asset’s price could rise to $ 0.653, which would mean a 270% increase from the current level.
At the time of publication, Dogecoin was trading at $ 0.16. If the upward trend continues, the next potential target will be $ 1.25. This would correspond to an increase of more than 680% and can be achieved if the coin overcomes key resistances and maintains momentum.
Another analyst, Ali Martinez, draws attention to the critical support at $ 0.16, which corresponds to a multi-year uptrend line and a key Fibonacci level. If Dogecoin loses this support, the next stop is possible at $ 0.06, and in a pessimistic scenario, even as low as $ 0.0016.
Thus, Dogecoin is at a turning point. Successfully holding the current level may open the way for a new jump, but if the support is broken, a strong bearish mood may return to the market.