Bitrabo Editorial
Dogecoin’s value appears to be preparing for a significant rise once again. Recent analysis indicates that it may be on the verge of replicating a previous rapid increase, potentially pushing its price up to $10.
Dogecoin’s Price Shows Parabolic Traits
Recent trends in Dogecoin have thrown the popular meme-based cryptocurrency into the limelight, showcasing a marked breakout trend in recent days. Dogecoin’s price recently surged to $0.129, the highest level recorded in October thus far. This uptrend has enabled Dogecoin to outperform many larger cryptocurrencies in terms of both daily and weekly performance.
In a discussion shared on social media, analyst Dima James Potts pointed out that this latest breakout mirrors the early phases of Dogecoin’s earlier parabolic surge in 2021.
Analyzing the daily candlestick chart, it is evident that Dogecoin broke past the upper trendline of a descending wedge in September. After a minor pullback in the first half of October, it has embarked on another upward trajectory. Potts highlighted that this pattern reflects the price movements of Dogecoin in January 2021 before it experienced a dramatic increase throughout the rest of that year, eventually peaking at an all-time high of $0.7316.
During that previous surge, Dogecoin had similarly broken above the upper trendline of a comparable falling wedge on the daily chart, retested, and then continued its upward trend. If this pattern holds, we could witness significant increases in Dogecoin’s price in the upcoming months.
What Lies Ahead for Dogecoin? Could It Reach $10?
Historically, the last time Dogecoin experienced a parabolic spike, its price surged over 16,000%. The analyst suggests Dogecoin is primed for a similar trajectory, but first, it must close above a crucial level of $0.18. This price point corresponds to a descending trendline stemming from Dogecoin’s all-time high and has largely served as a barrier in recent years.
If bulls manage to overcome this trendline with a durable weekly close above $0.18, it could pave the way for substantial upward movement, akin to previous cycles. This could enable Dogecoin to surpass its previous all-time high and venture into new price levels.
Furthermore, the analyst envisions that Dogecoin might reach as high as $10 in the forthcoming cycle, representing an incredible 8,110% gain from its current valuation. However, achieving this ambitious target would necessitate a significant influx of capital from both retail and institutional investors, surpassing the trading volumes observed during the 2021 surge.
As of now, Dogecoin is trading at $0.1228.