The positive sentiment surrounding Dogecoin, the largest meme coin, has seen remarkable growth, with a wave of bullish predictions from several crypto experts on its potential to undergo a major price move upward, possibly to new all-time highs.
Upcoming major rally that will take Dogecoin to new highs
Amid the recent market recovery, a crypto expert and trader with the username Javon Marks on X (formerly Twitter) has predicted that Dogecoin is about to experience another historic price breakthrough, which could reach all the way to new all-time highs. Experts’ bold prediction is based on past bull run performance, which saw the dog-themed meme coin see huge price moves to its previous all-time high.
Considering these key past bull runs and their similarities to previous climbs, Javon Marks believes so Dogecoin could be preparing for another monumental wave that could push it to a new price peak and higher.
It is worth noting that the expert’s predictions imply an increase of more than 5x from DOGE’s current price, as the current all-time high is about 555% away from the $0.73905 mark.
The message read:
Looking at the past bull run performance of DOGE (Dogecoin), its prices, with their similarities to previous ascents, could be setting up for another monumental upside to new all-time highs, and much more. The current all-time highs are almost +555% away from $0.73905.
This prediction highlights the strong optimism surrounding Dogecoin, as the meme coin shows signs of strength after a period of price consolidation. Another crypto analyst and enthusiast, Ali Martinez, has done just that depicted positive outlook for DOGE in the coming months.
After examining previous trends and a breakout from a multi-year descending triangle pattern, the expert believes that the same angle could be on the cusp of the next big rally. “History often repeats itself, and Dogecoin may do just that,” he said.
Historically, a breakout from the multi-year descending triangle formation is followed by a 200% rise and then a 60% retracement before a bull run occurs. Considering that the specific pattern has currently unfolded on the chart and DOGE has fallen by about 65%, Martinez expects a huge near-term rally similar to previous market cycles, potentially leading to a new all-time high.
Large DOGE transactions are increasing
These bullish predictions for Dogecoin come amid significant growth in network activity due to a sharp increase in the number of large DOGE transactions as cited by Ali Martinez. Data shared by Martinez shows that this transactions have been continuously growing, demonstrating increased interest among whales and institutional investors.
According to the expert, the constant increase in huge transactions indicates that institutional investors and DOGE whales may be preparing for a possible rebound as the meme coin shows optimistic price trends.
Featured image from Unsplash, chart from Tradingview.com