The price of Dogecoin is on the rise again preparing for an important move up. In a recent price analysis of the current price movement and previous price action, the analyst suggested that Dogecoin is on the way repeat another parabolic runpotentially sending its price up to $10.
Dogecoin Price Showing Parabolic Pattern
Dogecoin’s recent price movements have included a meme character back to the light, with a noticeable breakout a few days ago. The price of the meme coin rose to $0.129, its highest price so far in October. This rally allowed Dogecoin to more than many others major cryptocurrencies in the market for both daily and weekly performance.
According to a price analysis posted on social media X, Dima James Potts noted that this latest breakout is similar to the early stages of Dogecoin’s parabolic breakout in 2021.
The daily candlestick chart shows the price of Dogecoin breaking above the upper trendline (yellow line) of the falling wedge in September. After briefly testing this level during the first two weeks of October, it has begun another upward climb. As Dima James Potts points out, this back-and-forth movement is similar to Dogecoin’s price action in January 2021 before it went on a spectacular run throughout the year to its current high of $0.7316.
At that time, Dogecoin price broke above the upper line of the same falling wedge on the daily candle time chart, tested it again, and continued to rise. If history were to repeat itself, this would lead to significant Dogecoin price gains in the coming months.
What’s Next for Doge? Moving To $10?
The last time Dogecoin went on such a parabolic rally, it rose more than 16,000%. According to the analyst, Dogecoin is ready to repeat such a move, but it needs to close above $0.18 first. This $0.18 target represents a purple downtrend line taken from Dogecoin’s all-time high, which has largely acted as resistance over the past few years.
If the Dogecoin bulls are able to cross this line with a weekly close above $0.18, this will set the stage for a major move higher, as in the last cycle. This, in turn, will see Dogecoin breaking above its all-time highs into new price zones.
The analyst also predicts that Dogecoin could rise to $10 in the coming cycle, which would represent a massive 8,110% increase from its current price. However, reaching such a high level would require a large influx of capital retail and institutional investorsis significantly greater than the volume seen during the 2021 meeting.
At the time of writing, the Dogecoin price is trading at $0.1228.
The featured image was created with Dall.E, a chart from Tradingview.com
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