Emily Walker
With the recent optimism in the market, cryptocurrencies like Dogecoin are experiencing a significant rise. Analysts believe that Dogecoin, in particular, might be on the verge of reaching new all-time highs.
Could Dogecoin Repeat Its Previous Surge?
The latest price movements of Dogecoin have led to an encouraging outlook from market analyst Dima James Potts, who foresees a potential parabolic rise as market sentiment improves. However, he indicates there’s an important condition to consider.
Potts identifies a vital support level and a trend from earlier performances that could initiate the expected parabolic surge and possibly take Dogecoin to new highs.
Examining the weekly trends, Potts notes that Dogecoin is following a similar pattern to its previous cycles, showing a series of positive weeks. He emphasizes that historically, Dogecoin’s performance has improved after crossing specific indicators, particularly the red and green lines on his chart.
He also mentions that a parabolic rise is likely to start when the price surpasses the yellow line on his weekly chart. To confirm this upward trend and initiate a parabolic ascent, Dogecoin must close the week above $0.18.
Looking back at previous cycles, Dogecoin recorded extraordinary increases of over 8,373% and 18,376%. Although the weekly close above the yellow line for this third cycle hasn’t been achieved yet, Potts anticipates it to happen soon.
If historical trends hold, Potts is optimistic that this cycle could lead to a similar or even more significant parabolic move, propelled by factors like wider adoption and technological advancements.
Significantly, Potts believes this rally could elevate the price of Dogecoin to a bold $35 at the top of this bullish wave, stating, “Now’s not the time to be pessimistic about Dogecoin. Your patience will soon prove worthwhile.”
DOGE Shows Strength in Pricing
Currently, DOGE is breaking through important resistance levels as favorable market conditions persist. The cryptocurrency is trading between $0.2 and $0.19, a price range not experienced since April.
With renewed strength in its price and increasing confidence among retail and institutional investors, DOGE seems poised for a shift in momentum, with considerable price breakout expected in the near future.
Over the last day and week, DOGE has risen by more than 3% and 28% respectively. However, amid this impressive growth, investors may begin selling off, indicated by a nearly 50% drop in trading volume over the last day, suggesting that bullish investors might be taking their profits.