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The price of Dogecoin reaching as high as $10 has long been awaited by the DOGE community that has remained loyal to the meme coin despite various crashes that have shaken the price. Even though Dogecoin sits more than 85% below its May 2021 all-time high of $0.73, expectations for the meme coin’s performance are still very high. Given its historical performance, the price of DOGE often finds an opportunity to rally, and it seems that another window is finally opening.
Dogecoin’s Bullish Thesis
Crypto trader and analyst Dima James Potts took to the X site to share a bullish view on the price of Dogecoin. An analyst’s forecast takes into account several factors, from historical performance to earnings. However, the result remains the same and that is the fact that the price of DOGE can be set to rise.
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Potts compared the current price movement of Dogecoin with that of 2017 and 2020 to reveal a bullish trend. As the analyst explains, each time, before the Dogecoin price converges, it breaks above the white line and closes a week above it, as shown in the image below:
Every time this happened, the price of DOGE went up again and again, and now, again, the price of Dogecoin broke above the white line. This is bullish for the price, according to the analyst, which acts as a guarantee. However, the second part of this trend is yet to be completed and that closes the week above the white line. Since this breakout happened on Sunday, DOGE price still has a whole week to complete this move.
The explosion, however, is not the only reason why Potts is bullish on the price of Dogecoin. He also points to increased acquisitions and lower prices as reasons why the price may go higher. And, with more technical updates that offer faster transactions and higher levels of security, the analyst believes that this “could significantly strengthen the use and appeal of Dogecoin.”
11,000% Possible Surgery?
Considering Dogecoin’s previous rallies and how they played out, the analyst showed that each rally is more important than the last. For example, there were 9,300% surgeries in 2017 and 29,000% surgeries in 2020/2021. Continuing with this, the analyst believes that the price of DOGE can also see a significant rally this time.
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The bottom of the rally is at about 11,167%, which would put the price above $10. Meanwhile, the top of the Dogecoin rally in the best case is set at 40,137%, which puts the price of DOGE as high as $40 .
The featured image was created with Dall.E, a chart from Tradingview.com