Technical analysis shows that the price of Dogecoin is Still on track To reach all-time highs in this bull cycle, especially with history pointing to similar bullish scenarios that have occurred before. By analyzing the historical cycles on the Dogecoin monthly chart, Patterns appear Which indicates a possible path towards the long-awaited $10 level. It is worth noting that these observations Provide a roadmap To find out what to expect in the coming months and when Dogecoin price will finally break the $1 and $10 targets.
Historical trends highlight recurring patterns
Dogecoin price movements over the years have revealed a recurring pattern associated with its monthly candles. According to cryptocurrency analyst Dima Boots James revealed their opinion On social media platform
This interesting trend was revealed by Dogecoin’s monthly candlestick chart accompanying analyst forecasts. In previous bullish cycles, Dogecoin has shown notable gains after advancing through a series of four monthly candles with an upward trend, referred to here as “purple candles.”
During the first session, DOGE was able to create four consecutive bullish candles that took its price from below $0.0004 to $0.003 before it encountered a major resistance trend line. In the second session, this rise was faster, as it reached the same resistance trend line in less than four candles. However, this time, Dogecoin price broke through this resistance trend line before reaching an all-time high of $0.7316.
These consistent patterns indicate that Dogecoin price is strongly influenced by time-based cycles, and we can see a similar effect in this cycle.
The third cycle progresses with new goals on the horizon
As it stands, Dogecoin is in The middle of its third upward cycleand its monthly path remains consistent with historical behavior. It is worth noting that Dogecoin price has already completed two bullish purple candles and is on the third candle. Based on the consistent trend, DOGE appears to be on its way to reaching the trend line that served as resistance in the previous two sessions.
However, this line is not fixed; Instead, it slopes upward. This means that price targets change upwards over time. If Dogecoin price encounters this resistance trend line in December, it will place the price around $1.50.
However, the expected run is not expected to stop here. A break above this resistance trend line will open the Dogecoin price up further, as it did in the last session. According to technical analysis, Dogecoin price is likely to reach $10 sometime in 2025.
At the time of writing, Dogecoin is trading at $0.454.
Featured image created with Dall.E, chart from Tradingview.com
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