Dogecoin Price At $10: Previous Cycles Show When DOGE Will Hit Double-Digits

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As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset landscape, I find myself intrigued by the recent analysis on Dogecoin‘s potential to reach new all-time highs. Having witnessed numerous market cycles and trends, I can’t help but notice the recurring patterns in Dogecoin’s price movements, as pointed out by Dima Potts James.

From the perspective of technical analysis, it appears that Dogecoin’s price trajectory continues to indicate a potential reach towards unprecedented new peak values during this bull market. Remarkably, historical trends on Dogecoin’s monthly chart suggest a pattern that might lead us to the widely-awaited $10 price point. It’s essential to note that these findings offer a rough guide for what we may encounter in the forthcoming months and when Dogecoin’s price eventually surpasses both the $1 and $10 thresholds.

Historical Trends Highlight Recurring Patterns

As a crypto analyst, I’ve noticed an intriguing pattern in Dogecoin’s price movements over the years, particularly tied to its monthly candles. Based on my analysis, shared on social media platform X, Dogecoin is currently experiencing its third bull cycle and appears poised to replicate a fascinating occurrence that was seen in the previous two cycles.

This interesting trend is revealed through a Dogecoin monthly candlestick chart that accompanies the analyst’s outlook. In previous bullish cycles, Dogecoin exhibited notable surges after progressing through a series of four upward-trending monthly candles, denoted here as “purple candles.” 

Initially, in the first phase, Dogecoin formed four consecutive bullish candles that propelled its value from nearly 0.0004 USD to 0.003 USD, but then hit a significant resistance trendline. In the subsequent phase, this climb was much faster and reached the same resistance trendline in less than four candles. Interestingly, unlike the first time, the Dogecoin price surpassed this resistance trendline before reaching its current record high of 0.7316 USD.

The recurring trends indicate that the value of Dogecoin may be significantly affected by periodic cycles, suggesting a possible repetition of these patterns in the current cycle as well.

Third Cycle Progresses With New Targets In Sight

Currently, Dogecoin is experiencing its third significant upward trend, with its monthly progression generally following past patterns. Noteworthy is the fact that Dogecoin has already formed two large bullish candles and is now on its third one. Given this trend, it’s expected that Dogecoin could potentially reach a trendline that previously acted as resistance during the two prior cycles.

Unlike being stationary, this line inclines gradually upward. Consequently, potential price goals move higher over time. Should the Dogecoin price encounter this resistance trendline by December, it might reach approximately $1.50.

Beyond this point, the predicted upward trend for Dogecoin may not falter. If it manages to break through the current resistance line, there’s a strong possibility that its price could rise further, similar to how it did during the previous cycle. Based on technical analysis, Dogecoin might reach a value of up to $10 by 2025.

At the time of writing, Dogecoin is trading at $0.454.

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2024-12-09 16:11