Cryptocurrency analyst Dima James He predicted an explosive rise for rice for Dogecoin price. Interestingly, the analyst raised the possibility of prices rising to $10 and provided an analysis as to why this might happen.
Can the price of Dogecoin reach $10?
Dema James suggested in X’s post that Dogecoin price could reach $10 while highlighting the similarity between the meme coin’s current price action and Last session. The daily chart of Dogecoin shows that the current price action has seen several pullbacks towards the 0.382 Fibonacci level, just as it happened in the previous session.
In the last cycle, this price action is said to have occurred several times before a major upward trend began. Cryptocurrency analyst revealed that Dogecoin price The pair is retesting the 0.382 Fibonacci level again. He added that this could mean that the upward climb should begin soon if history repeats itself.
This is not the first time an analyst has suggested that the price of Dogecoin could reach $10. It has also been cited previously Historical patterns To prove that this price rise is possible. He pointed out that in 2017, the meme currency witnessed an increase of 9,000%, while in 2021 it increased by 18,000%. In line with this, he claimed that cryptocurrencies could once again see an equal, if not greater, price increase in 2025 if the trend continues.
Meanwhile, recently, the analyst boldly confirmed this Dogecoin will overtake Bitcoin In this market cycle. He noted that Dogecoin has enjoyed higher price gains in each successive market cycle, unlike Bitcoin, whose price gains continue to decline in each bullish wave.
The price of Dogecoin increased more than 21,000% in the uptrend of 2018 and increased by more than 54,000% in the uptrend of 2021. If this trend continues, the price of Dogecoin will likely rise to $10, considering that it will enjoy higher price gains than the previous two cycles. .
Price breakout is just around the corner
Cryptoanalysts love micpool encryption They suggested that a Dogecoin price breakout is just around the corner. In a recent X post, the analyst mentioned that DOGE is at a level that would normally spark a massive rally. The accompanying chart showed that Mimi coin can be worth up to $1 In this market cycle.
Crypto Rover Crypto Analyzer He also claimed that the price of Dogecoin is ready to “go higher.” However, the analyst gave a more conservative prediction as his companion showed that the meme coin could reach $0.4 sometime next year.
Despite being the first meme currency, Dogecoin It was among the underperforming currencies this market cycle. However, Dima James stated that those who underestimate DOGE this cycle should prepare for a “ruthless awakening.”
At the time of writing, Dogecoin is trading at around $0.1077, down over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com