A Dogecoin analysis by market watcher Javon Marks suggests a potential rise to $0.6533 and possibly $1.25 in the coming weeks.
Follow @Lachakari_Crypto
Dogecoin (DOGE) has recorded a sharp price increase in recent days, rising nearly 40% within one week from the $0.16 level to a local high above $0.25. While this rally highlights renewed momentum in the meme coin sector, some market analysts are focusing more on the technical structure that has emerged since late 2023.
The price movement from May 7 onward has shown sustained buying activity with minimal retracement, suggesting continued investor interest.
However, more significant is the shift in Dogecoin’s long-term price formation, which points to a possible macro reversal in progress.
Long-Term Reversal Pattern Could Take DOGE Above $1
For instance, a detailed DOGE/USDT analysis by Javon Marks highlighted Dogecoin’s breakout above a multi-year descending resistance that ensued after the coin peaked near $0.70. Notably, this breakout, which occurred in late 2023, marked the end of a prolonged series of lower highs and lower lows.
Since then, Dogecoin has displayed a consistent pattern of higher highs and higher lows, a key indicator of strengthening bullish momentum. The most recent retracement found support around the $0.16 area, forming a new higher low and reinforcing the emerging bullish structure.
Following this development, Marks projects a potential high at $0.6533, representing a 162% increase from current price levels. Marks is also monitoring for a decisive breakout through this resistance, which could open the path toward additional gains, potentially extending beyond the coveted $1 level and surging toward $1.25.
Ascending Support Line Reinforces Broader Bullish Trend
In a separate DOGE/USDT chart analysis,analyst Ali Martinez identified a long-term ascending support trendline. This line has remained intact for over seven months, beginning in October 2023 and extending through May 2025.
It has served as a foundation for the broader bullish pattern. Most recently, the price action tested this support in April 2025 and rebounded, maintaining the asset’s upward trajectory and confirming the trendline’s significance.
Currently, Dogecoin has moved past the 0.382 Fibonacci retracement level and is approaching a near-term technical target of $0.27, which sits just above the 0.5 Fibonacci mark.
Open Interest and Whale Accumulation
Further, as of May 11, futures market data from Binance shows that 75% of Dogecoin positions are long, with only 24.99% short, resulting in a long/short ratio of 3.0.
This metric indicates that for every trader expecting a price drop, three anticipate a continued rise. While this demonstrates high levels of bullish sentiment, it also introduces potential volatility, especially if the market moves counter to the dominant positioning.
In addition to futures positioning, on-chain data highlights increased whale activity. Large holders have accumulated over 600 million DOGE during this period, adding further weight to the trend of heightened interest.
DisClamier:
This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect @Lachakari_Crypto opinion. Readers are encouraged to do thorough research before making any investment decisions. @Lachakari_Crypto is not responsible for any financial losses.
#DOGE #Dogecoin #BinanceAirdropNXPC #Lachakaricrypto #LACHAKARI
