Dogecoin Price To $10: Similar Patterns That Led To Previous Parabolic Breakout Have Reappeared

Dogecoin price is back Preparing for an important move To the top. In a recent price analysis of the current price action and past price action, an analyst noted that Dogecoin is on the right track Repeat another eqwhich could lead to its price rising to $10.

Dogecoin price shows a parabolic pattern

Dogecoin’s recent price movements have led to a meme coin situation Back in the spotlight, With a noticeable breakthrough over the past few days. The meme’s price rose to $0.129, its highest price point so far in October. This rise has allowed Dogecoin to do so Outperforms many others Cryptocurrencies with large market cap in daily and weekly performance.

According to a price analysis published on social media platform

The daily candlestick time frame chart shows that Dogecoin price has broken above the upper trend line (yellow line) of the September falling wedge. After briefly retesting this level during the first two weeks of October, it has since begun another upward climb. As Dema James Potts pointed out, this back-and-forth movement resembles Dogecoin’s price action in January 2021 before continuing on a parabolic path throughout the rest of the year until it peaks at an all-time high of $0.7316.

At that time, Dogecoin price broke above the upper trend line of a similar falling wedge on the daily candlestick time frame chart, retested it, and then continued higher. If history repeats itself, it will lead to massive gains for the price of Dogecoin in the coming months.

What’s next for Doji? Moving to $10?

The last time Dogecoin saw such a parabolic rally, it surged over 16,000%. According to the analyst, Dogecoin is ready to repeat such a move, but it needs to close above $0.18 first. This $0.18 target represents a purple descending trend line drawn from Dogecoin’s all-time high, which has largely served as resistance over the past few years.

Once Dogecoin bulls can break above this trend line with a weekly close above $0.18, this would set the stage for massive bullish moves, just like it did in the last cycle. This, in turn, will lead Dogecoin to break above its all-time high into new price zones.

The analyst also expects Dogecoin to rise to $10 this upcoming cycle, which represents a massive 8,110% increase from its current price. However, reaching such a lofty goal will require a massive inflow of capital from the country Individual and institutional investorsIt is much larger than the size seen during the 2021 rally.

At the time of writing, Dogecoin was trading at $0.1228.

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