Technical analysis shows that the price of Dogecoin is a rally I’m still on my way reaching new all-time highs in this bull cycle, especially with history pointing to similar scenarios that have played out before. By analyzing the historical cycles on the Dogecoin monthly chart, patterns emerge which suggest a possible path towards the much-anticipated $10 milestone. Significantly, these ideas provide a road what to expect in the coming months and when the Dogecoin price will finally break both the $1 and $10 targets.
Historical Trends Highlight Recurring Patterns
Dogecoin’s price movements over the years have revealed a recurring pattern tied to its monthly candles. According to crypto analyst Dima Potts James, who reveal their vision on social media platform X, the price of Dogecoin is currently in its third bull cycle and is on the verge of repeating the interesting phenomenon that happened in the last two cycles.
This interesting trend is revealed by Dogecoin’s monthly chart along with analyst opinion. In previous bullish cycles, Dogecoin showed a significant increase after moving into a series of four ascending monthly candles, described here as “purple candles.”
During the first round, DOGE managed to create four consecutive bullish candles that took its price from below $0.0004 to $0.003 before encountering a major resistance line. In the second cycle, this rise was much faster, reaching the same resistance line within four candles. However, this time, Dogecoin price broke this resistance line before its current high of $0.7316.
These consistent patterns suggest that the price of Dogecoin is heavily influenced by time-based cycles, and we can see the same play in this cycle.
The Third Cycle Evolves With New Visual Objectives
As it stands, Dogecoin is local in the middle of the third bullish cycleand its monthly trajectory is still consistent with historical behavior. Notably, the price of Dogecoin has already completed two purple candles and is in the third. Based on the established trend, DOGE appears to be on track to reach the trend line that served as resistance for the past two cycles.
This line, however, is not static; rather, it goes up. This means that the price target is moving higher over time. If the Dogecoin price were to meet this resistance pattern in December, it would put the price at around $1.50.
However, the expected run is not expected to stop here. Crossing this resistance line will open the price of Dogecoin to rise further, as it did in the last cycle. According to technical analysis, Dogecoin is likely to reach as high as $10 sometime in 2025.
At the time of writing, Dogecoin is trading at $0.454.
The featured image was created with Dall.E, a chart from Tradingview.com
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