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The DOGE community has long predicted that the price of Dogecoin will reach $10, remaining loyal to the meme coin despite various crashes that shook the price. Even with Dogecoin’s price down more than 85% from its May 2021 all-time high of $0.73, expectations for the meme’s performance are still very high. Given its historical performance, DOGE price usually gets a chance to rise, and it seems like another window has finally opened.
The bullish thesis for Dogecoin
Cryptocurrency trader and analyst Dema James Potts has taken to the X platform to do just that Share Bullish forecast for Dogecoin price. Analyst forecasts take into account a number of factors, from historical performance to adoption. However, the end result remains the same, and that is the truth The price of DOGE could rise.
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Boots compared Dogecoin’s current price movement to the movement in 2017 and 2020 to reveal an upward trend. As the analyst explains, each time, Before the price of Dogecoin riseswhere it broke above the white line and then closed the week above it, as shown in the image below:
Every time this happened, Doji price It went on a parabolic path, and now, once again, Dogecoin price has broken above the white line. This is bullish for the price, according to the analyst, and serves as confirmation. However, the second part of this trend has not yet been completed and is closing the week above the white line. Since the breakout occurred on Sunday, DOGE price still has the rest of the week to complete this move.
However, the hack is not the only reason Boots is bullish on the price of Dogecoin. He also points to increased adoption and lower price as reasons for the price to rise to new highs. Also, with more technology updates providing faster transactions and higher levels of security, the analyst believes this “could enhance the utility and appeal of Dogecoin.”
Potential increase of 11,000%?
Taking into account Previous Dogecoin rallies How did this happen? The analyst pointed out that each rise is more important than the previous one. For example, there was a 9,300% increase in 2017 and a 29,000% increase in 2020/2021. Accordingly, the analyst believes that the price of DOGE may also witness a significant rise this time.
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The bottom of the rally is at around 11,167%, which would put the price above $10. Meanwhile, the top of Dogecoin’s rise in the best-case scenario is set at 40,137%, taking DOGE price to $40.
Featured image created with Dall.E, chart from Tradingview.com