Despite some market swings in the past 24 hours, analysts believe Dogecoin’s (DOGE) upward trend is far from over.
Analyst Javon Marks stated that Dogecoin’s price structure continues to show consistent strength. He believes the continued formation of higher lows is evidence that selling pressure has not yet been able to quell buyers’ push.
Interestingly, DOGE also recently broke through a major resistance line that had previously limited its movement. From a technical perspective, Marks maintains a target of around $0.6533. If this momentum is maintained, Dogecoin has the potential to surge more than 200% from its current position.
However, the journey to that level will certainly not be smooth sailing. The crypto market is experiencing sharp fluctuations, and Dogecoin is being swept along. Currently, the token is changing hands at about $0.19945, with a daily correction of around 5.62%.
Even so, trading volume still reflects a strong interest in this asset. In the past 24 hours, futures trading volume has reached $19.17 billion, while spot volume has reached $1.70 billion.
The token market cap is currently around $30.33 billion, with open interest at $1.99 billion. This figure indicates that speculation on DOGE remains high, even as volatility increases.
Key support level becomes the next test for Dogecoin’s strength
Meanwhile, analyst Ali Martinez shares a similar view. He believes that as long as Dogecoin can hold above the $0.16 level, the potential for a rebound to the $0.48 range remains wide open.
This means that the $0.16 zone is now a psychological barrier that will determine whether the uptrend remains sustained or begins to weaken.
On the other hand, many market participants are now monitoring this movement with interest, especially after DOGE trading volumes increased again.
They see this momentum as a signal that the market hasn’t lost interest in the memecoin, which was once a joke. Furthermore, the Dogecoin community on various social platforms has also become increasingly active, confirming that the optimistic narrative hasn’t died down.