Analyst Reveals Why Dogecoin Price Could Reach $10 As Infamous Inverse Head And Shoulders Pattern Returns

A cryptocurrency analyst has identified a new technical indicator in the Dogecoin price chart called the Inverse Head and Shoulders pattern, believing it could be a strong signal for a bullish rally. Based on this technical pattern and Dogecoin’s recent market momentum, the analyst determined New upside target $10 for one meme coin.

Dogecoin price rise to $10 coming

In X (formerly Twitter) mail On November 10, cryptocurrency analyst Dima James Potts discussed the rise of Bitcoin Inverse head and shoulders pattern on the Dogecoin price chart, highlighting the potential for a significant rise to $10. The analyst says it’s part of this unique chart pattern, because it often precedes or signals the beginning of a big bullish wave.

The inverse head and shoulders pattern is a standard chart formation that typically highlights a potential trend reversal. This technical chart can indicate a shift from a bearish trend to a bullish trend, indicating the end of a period Significant downtrend.

According to Potts, in every cycle Dogecoin price chart The inverse head and shoulders pattern has formed, and it has seen a huge rise. He supported his words by highlighting Historical price movements of DogecoinThe cryptocurrency rose by more than 3,364% in the first session after closing the week above the “yellow line.”

The analyst also revealed this Dogecoin price It rose more than 12,189% in the second session after breaking above a similar neckline. These notable price increases indicate that the inverse head and shoulders pattern has historically led to this Equivalent marchesWhich indicates that the price of Dogecoin may rise significantly once the yellow line is breached.

Based on this pattern and the repeated bullish reaction, Boots suggested that Dogecoin is about to rally. Close the week above the yellow linewhich is the main resistance level. He points out that if Dogecoin manages to successfully close above this line, it could lead to significant upward volatility followed by Downward pullbacks.

This prediction also extends to 2025, as the POTS chart highlights that Dogecoin price could rise to the $10 target and continue its upward trend, potentially reaching $36. The analyst also mentioned an increase Dogecoin trading volumestressing that this may also lead to an increase in the price of the meme currency.

Update on Dogecoin price dynamics

while Bullish outlook As the price of Dogecoin continues to spread, recent data shows that the meme coin has been at a level Significant upward momentumhighlighting the strong price dynamics amid current market conditions. According to CoinMarketCap, Dogecoin price is trading at $0.28 after rising more than 84.66% in the past week.

The cryptocurrency previously saw a 25% surge in one day after US presidential election results showed a 25% rise. Victory for Donald Trump. Now, Dogecoin price is up 22.5%, while daily trading volume is up 199.49%.

Featured image created with Dall.E, chart from Tradingview.com