Dogecoin on track for a ’60x surge to $20′ this cycle, says analyst

Dogecoin (DOGE), the meme-inspired cryptocurrency has long been a favorite in the cryptocurrency space, known for its explosive price movements during bull cycles.

In this context, trading expert Javon Marks, in a recent analysis, observed that Dogecoin could potentially surge as high as $20, marking a remarkable 60-fold increase from its current levels.

This ambitious projection is based on Dogecoin’s cyclical price behavior, which has historically demonstrated the cryptocurrency’s ability to deliver exponential gains during bullish market cycles.

DOGE’s path to double-digit target

Dogecoin’s historical price movements indicate the token’s tendency to experience exponential rallies during bull runs. For instance, in 2017, DOGE recorded a 90-fold increase, while the 2021 bull market saw an even more impressive 306-fold surge.

Analysts now speculate that the cryptocurrency could follow a similar trajectory, with the current market setup suggesting the possibility of another major bull cycle, with $20 in sight.

“Another similar performance happening again, as history shows to be possible, would equate to a >60X from here to $20+”-the analyst noted

However, achieving a 60-fold increase from current levels would be highly ambitious, given the present market conditions and Dogecoin’s fundamentals.

A more realistic short-term projection comes from Dogecoin enthusiast KrissPax, who observes that DOGE is bouncing off an ascending support line, a pattern similar to its price action in early 2024.

However, the cryptocurrency remains down by over 10% on the weekly chart, reflecting lingering bearish sentiment despite the recent recovery.

This mixed performance highlights Dogecoin’s struggle to regain sustained upward momentum, with traders closely watching key resistance levels near $0.40.

On the downside, a failure to hold the $0.30 support could trigger further selling pressure, potentially dragging Dogecoin back into a prolonged consolidation phase.

For now, DOGE’s trajectory hinges on the broader market sentiment, renewed retail interest, and its ability to maintain positive momentum in the current digital asset space.

Featured image via Shutterstock

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