Dogecoin Price Notches Higher Lows Amid Market Downturn, Why A 270% Surge Is Possible

The Dogecoin price has been defying broader market weakness by establishing a series of higher lows. Amidst the market downturn, technical indicators suggest that Dogecoin could be setting the stage for an explosive rally, with analysts predicting a 270% surge to a new price high.

Dogecoin Price Prepares For 270% Surge

A Dogecoin price chart shared by crypto analyst Javon Marks reveals a critical shift in momentum. Following a prolonged downtrend that saw the meme coin’s price crash to significant lows, Dogecoin has now broken out of a descending trendline , signaling the potential end of its bear cycle.

Since reaching a cycle low, Dogecoin has consistently posted higher lows — a common sign of growing buying pressure and a steady uptrend. Following the formation of its latest higher low, Marks believes that DOGE is now positioned in a bullish set-up.

Historically, similar patterns have preceded parabolic moves in the Dogecoin price, suggesting that the meme coin could be gearing up for an uptrend continuation . According to Marks‘ analysis, if Dogecoin follows the established trend, the next impulsive wave could push its price to $0.653, marking an explosive 270% surge.

While past higher low formations support the likelihood of the analyst’s projected rally, Dogecoin’s recent breakout from the descending trendline reinforces its bullish structure. Marks also suggests that a climb to the $0.63 level could serve as a launchpad for Dogecoin, potentially driving its price even higher to $1.25 if its momentum persists.

Despite the ongoing market volatility , DOGE continues to hold key support levels as it eyes a fresh breakout. Notably, a surge to the $1.25 target would mark an impressive 681.25% increase from the meme coin’s current market value of $0.16.

DOGE Faces Make Or Break Level

According to crypto analyst Ali Martinez, the Dogecoin price is currently at a make-or-break point , meaning that its next move could determine whether it sees a significant breakout or a sharp decline . Sharing a price chart highlighting Fibonacci retracements and trend channels, the analyst revealed that Dogecoin is sitting on a key ascending trendline that has acted as support since 2018.

This trend line aligns with the 0.796 Fibonacci retracement level at $0.16, marking it a crucial support zone. If Dogecoin holds above this level, it could trigger a bullish continuation, with the next major Fibonacci extension level at $0.57. Surpassing this price mark could also propel Dogecoin to the 1.272 Fib at $2.77.

On the flip side, if Dogecoin breaks below $0.16, the next major support lies around the 0.618 Fib at $0.06. The analyst’s chart also highlights a possible breakdown to $0.0066 or even as low as $0.0016 if bearish momentum persists .