Emily Walker
A cryptocurrency analyst has discovered a new technical pattern in the Dogecoin price chart known as the Inverse Head and Shoulders pattern. This pattern could signify the potential for Dogecoin to experience a significant price increase, with a target set at $10 for this popular meme coin.
Anticipated Dogecoin Price Surge to $10
In a recent post on X (formerly Twitter), analyst Dima James Potts highlighted the appearance of the Inverse Head and Shoulders pattern on Dogecoin’s chart, indicating a strong possibility for a price rally to $10. Potts expressed confidence in this technical formation as it often precedes major upward trends in the market.
The Inverse Head and Shoulders is a widely recognized chart formation that signals potential reversals in market trends, suggesting a transition from bearish to bullish conditions. This pattern implies the conclusion of a prolonged downward trend.
Potts noted that historically, whenever Dogecoin’s chart has formed an Inverse Head and Shoulders pattern, it has led to significant price increases. He pointed out instances where the cryptocurrency soared over 3,364% following a similar setup. He also highlighted a previous cycle where Dogecoin experienced a dramatic rise of 12,189% after breaking past a crucial neckline.
This historical data suggests that the formation of the Inverse Head and Shoulders could lead to substantial price gains, indicating that Dogecoin might see a significant rally if it successfully breaks above the designated resistance level known as the Yellow Line.
Looking ahead, Potts projects that Dogecoin could close above this resistance line, potentially setting the stage for significant upward movements followed by corrections. He also speculated that the price might reach $10 by 2025, with a possibility of climbing as high as $36, noting a rise in trading volume which could further propel the price.
Current Status of Dogecoin Prices
As bullish sentiment builds around Dogecoin, recent trends indicate that the meme coin is experiencing a notable price upward momentum. Current data from CoinMarketCap shows that Dogecoin is trading at $0.28, having increased by over 84.66% in the past week.
The cryptocurrency also saw a remarkable 25% gain in a single day, largely attributed to the recent U.S. Presidential election outcomes favoring Donald Trump. Currently, Dogecoin’s price has increased by 22.5%, with its daily trading volume surging by an impressive 199.49%.