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Dogecoin

Analyst Reveals Why Dogecoin Price Could Reach $10 As Infamous Inverse Head And Shoulders Pattern Returns

Scott Matherson
by Scott Matherson
9 months ago
·
Posted in Altcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A crypto analyst has identified a new technical indicator in the Dogecoin price chart called the Inverse Head and Shoulders pattern,” believing it could be a strong signal for a bullish surge. Based on this technical pattern and Dogecoin’s recent market momentum, the analyst has set a new bullish target of $10 for the number one meme coin.   

Dogecoin Price Rally To $10 Incoming

In an X (formerly Twitter) post on November 10, a crypto analyst, Dima James Potts, discussed the emergence of the Inverse Head and Shoulders pattern on the Dogecoin price chart, highlighting a potential for a significant rally to $10. The analyst shares that he is partial to this unique chart pattern, as it often precedes or signals the onset of a major bull run.

Dogecoin price
Source: X

The Inverse Head and Shoulders pattern is a standard chart formation that typically highlights a potential trend reversal. This technical chart can indicate a shift from a bearish to a bullish trend, suggesting the end of a significant downward trend. 

According to Potts, in every cycle that the Dogecoin price chart has formed an Inverse Head and Shoulders pattern, it has experienced a massive rally. He supported his statement by highlighting Dogecoin’s historical price movements, where the cryptocurrency went up by over 3,364% in the first cycle after closing the week above “the yellow line.”

The analyst also disclosed that the Dogecoin price surged by more than 12,189% in the second cycle after it broke out above a similar neckline. These notable price increases indicate that the Inverse Head and Shoulders have historically led to parabolic rallies, suggesting that the Dogecoin price could rise dramatically once it breaks through the Yellow Line.

Based on this pattern formation and recurring bullish reaction, Potts has suggested that Dogecoin is on the verge of closing the week above the Yellow Line, a key resistance level. He denotes that if Dogecoin can succeed in closing above this line, it could trigger significant upward swings followed by bearish pullbacks. 

This prediction also extends into 2025, with Potts’ chart highlighting that the Dogecoin price could surge to the $10 target and continue its bullish trend, potentially reaching as high as $36. The analyst also mentioned an increased trading volume for Dogecoin, emphasizing that this could also drive the price of the meme coin higher.

Update On Dogecoin Price Dynamics

While bullish predictions continue to spread about the Dogecoin price, recent data shows that the meme coin has been on a significant upward momentum, highlighting strong price dynamics amidst present market conditions. According to CoinMarketCap, the Dogecoin price is trading at $0.28 after increasing by over 84.66% in the past week. 

The cryptocurrency previously saw a 25% spike in a single day after the United States Presidential election results showed a victory for Donald Trump. Now, the Dogecoin price is up by 22.5%, while its daily trading volume has surged by 199.49%. 

Dogecoin price chart from Tradingview.com
DOGE price returns toward $0.3 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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