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

The Dogecoin price is once more gearing up for a major move to the upside. In a recent price evaluation of current price movement and former price motion, an analyst suggested Dogecoin is on target to repeat one other parabolic run, potentially sending its price skyrocketing to $10.

Dogecoin Price Exhibiting Parabolic Pattern

Recent Dogecoin price movements have put the meme coin back within the highlight, with a noticeable breakout over the past few days. The meme coin’s price increased to hit $0.129, its highest price point to this point in October. This rally has allowed Dogecoin to outpace many other large market cap cryptocurrencies in each each day and weekly performance.

In accordance with a price evaluation posted on social media platform X, Dima James Potts noted that this recent breakout resembles the initial stages of Dogecoin’s parabolic breakout move in 2021.

The each day candlestick timeframe chart shows the Dogecoin price broke above the upper trendline (yellow line) of a falling wedge in September. After briefly retesting this level in the course of the first two weeks of October, it has since begun one other upward climb. As Dima James Potts identified, this back-and-forth movement is analogous to Dogecoin’s price motion in January 2021 before it went on a parabolic run throughout the remaining of the 12 months until it peaked at its current all-time high of $0.7316.

Back then, the Dogecoin price broke above the upper trendline of the same falling wedge on the each day candlestick timeframe chart, retested it, after which continued pushing up. If history were to repeat itself, this might result in monumental gains for the Dogecoin price in the approaching months.

Source: X

What’s Next For Doge? A Move To $10?

The last time Dogecoin went on such a parabolic rally, it skyrocketed by over 16,000%. In accordance with the analyst, Dogecoin is able to repeat such a move, nevertheless it needs to shut above $0.18 first. This $0.18 goal represents a purple descending trendline drawn from Dogecoin’s all-time high, which has largely acted as resistance for the past few years.

Once the Dogecoin bulls are in a position to break above this trendline with a weekly close above $0.18, this might set the stage for large upward moves, identical to within the last cycle. This, in turn, would see Dogecoin breaking above its all-time high into recent price territories.

The analyst also speculates that Dogecoin could soar as high as $10 on this upcoming cycle, which might represent a monumental 8,110% increase from its current price. Nonetheless, reaching such a lofty goal would require an enormous influx of capital from retail and institutional investors, far greater than the quantity seen in the course of the 2021 rally.

On the time of writing, the Dogecoin price is trading at $0.1228.