The pattern of higher lows suggests that buying pressure is outweighing selling pressure, even in times of market weakness. Furthermore, it means Dogecoin is creating new price floors after each rally and subsequent rally, which strengthens the case for a continuation rally. In this case, the two most recent rallies were in the middle of July when the Dogecoin price broke above $0.27, and another rally in August when it touched $0.25 very briefly.
Despite the correction that followed both rallies, the candlestick chart indicates that these lows were higher than previous highs and corrections. Now, according to Javon Marks, the immediate breakout target has been identified at $0.6533, which would represent a gain of more than 170% from the current price level. This target is derived from the technical setup of the holding breakout structure that Dogecoin has been playing out for many months.
If Dogecoin were to reach the $0.6533 breakout target, it would be its strongest bullish rally since early 2021. However, it would still fall short of its all-time high of $0.7316.
