Emily Walker
Recent technical analysis indicates that the Dogecoin price could be poised to achieve new all-time highs during this bullish phase, with historical data revealing similar optimistic trends from the past. By scrutinizing Dogecoin’s monthly chart, certain patterns are identified that hint at a trajectory towards the sought-after $10 target. These findings map out expectations for the near future, including when Dogecoin might surpass the $1 and $10 thresholds.
Recurring Patterns from Historical Trends
Over the years, Dogecoin’s price movements have showcased a consistent pattern linked to its monthly candle formations. Crypto analyst Dima Potts James has recently shared insights on platform X, noting that Dogecoin is currently experiencing its third bullish cycle and is close to replicating a noteworthy phenomenon observed in its two previous cycles.
This pattern, as seen on the Dogecoin monthly candlestick chart shared by the analyst, reveals that in prior bullish cycles, Dogecoin displayed significant jumps after a sequence of four upward monthly candles, referred to as “purple candles.”
In the first cycle, DOGE achieved four consecutive bullish candles, elevating its price from just below $0.0004 to $0.003 before hitting a crucial resistance trendline. The second cycle witnessed a faster ascent, reaching the same resistance line in less than four candles. During this cycle, Dogecoin broke through that resistance before hitting its record high of $0.7316.
These ongoing patterns imply that Dogecoin’s price actions are greatly shaped by time-based cycles, and a similar trend may unfold in this current cycle.
Progression of the Third Cycle with New Targets
At this moment, Dogecoin finds itself in the midst of its third bullish cycle, with its monthly performance corresponding to historical patterns. Dogecoin has already achieved two successive purple bullish candles and is currently on its third. Following the current trend, DOGE is positioned to approach the upward-sloping trendline that acted as resistance in previous cycles.
This resistance line is dynamic, rising over time. If Dogecoin were to reach it in December, the price could be around $1.50.
Nonetheless, this upward movement is anticipated to continue. If Dogecoin surpasses the resistance trendline, it could pave the way for substantial increases, similar to the last cycle. Technical forecasts suggest that Dogecoin may potentially achieve a price as high as $10 by 2025.
Currently, Dogecoin is trading at $0.454.