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Dogecoin

Dogecoin Price To $10: Similar Patterns That Led To Previous Parabolic Breakout Have Reappeared

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

The Dogecoin price is once again gearing up for a significant move to the upside. In a recent price analysis of current price movement and previous price action, an analyst suggested Dogecoin is on track to repeat another parabolic run, potentially sending its price skyrocketing to $10.

Dogecoin Price Exhibiting Parabolic Pattern

Recent Dogecoin price movements have put the meme coin back in the spotlight, with a noticeable breakout over the past few days. The meme coin’s price increased to hit $0.129, its highest price point so far in October. This rally has allowed Dogecoin to outpace many other large market cap cryptocurrencies in both daily and weekly performance.

Related Reading: Shiba Inu Exec Announces Partnership With Finance Company, What This Means For SHIB

According to a price analysis posted on social media platform X, Dima James Potts noted that this recent breakout resembles the initial stages of Dogecoin’s parabolic breakout move in 2021. 

The daily candlestick timeframe chart shows the Dogecoin price broke above the upper trendline (yellow line) of a falling wedge in September. After briefly retesting this level during the first two weeks of October, it has since begun another upward climb. As Dima James Potts pointed out, this back-and-forth movement is similar to Dogecoin’s price action in January 2021 before it went on a parabolic run throughout the rest of the year until it peaked at its current all-time high of $0.7316.

Back then, the Dogecoin price broke above the upper trendline of a similar falling wedge on the daily candlestick timeframe chart, retested it, and then continued pushing up. If history were to repeat itself, this would lead to monumental gains for the Dogecoin price in the coming months.

Dogecoin
Source: X

What’s Next For Doge? A Move To $10?

The last time Dogecoin went on such a parabolic rally, it skyrocketed by over 16,000%. According to the analyst, Dogecoin is ready to repeat such a move, but it needs to close above $0.18 first. This $0.18 target represents a purple descending trendline drawn from Dogecoin’s all-time high, which has largely acted as resistance for the past few years.

Related Reading: Ripple Vs. SEC Lawsuit Intensifies: Why Today Is Important And Could Affect XRP Price

Once the Dogecoin bulls are able to break above this trendline with a weekly close above $0.18, this would set the stage for massive upward moves, just like in the last cycle. This, in turn, would see Dogecoin breaking above its all-time high into new price territories. 

The analyst also speculates that Dogecoin could soar as high as $10 in this upcoming cycle, which would represent a monumental 8,110% increase from its current price. However, reaching such a lofty target would require a huge influx of capital from retail and institutional investors, far greater than the volume seen during the 2021 rally.

At the time of writing, the Dogecoin price is trading at $0.1228.

Dogecoin price chart from Tradingview.com
DOGE price still holding $0.12 | 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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