Dogecoin's price hitting $10 is something the DOGE community has long been waiting for, remaining loyal to the meme coin despite several dips that have rocked the price.
Even with Dogecoin down more than 85% from its all-time high of $0.73 in May 2021, expectations for the meme coin’s performance are still very high.
Given its historical performance, DOGE price often finds a window of opportunity for a rise, and it looks like another window is finally opening.
Cryptocurrency trader and analyst Dima James Potts has shared a bullish outlook for the price of Dogecoin on the X platform.
The analyst's forecast takes into account several factors, from historical performance to adoption.
However, the bottom line remains the same: the price of DOGE may be about to skyrocket.
Potts compared Dogecoin’s current price action with those of 2017 and 2020 to reveal a bullish trend.
Each time this has occurred, before the price of Dogecoin rose, it broke through the white line and closed the week above it.
This is bullish for the price, according to the analyst, serving as confirmation.
However, the second part of this trend still needs to be completed, which is the closing of the week above the white line.
Since the breakout happened on Sunday, the price of DOGE still has the rest of the week to complete this move.
However, that’s not the only reason Potts is bullish on the price of Dogecoin.
He also points to increased adoption and low pricing as reasons why the price could rise to new heights.
Furthermore, with further technological upgrades that provide faster transactions and higher levels of security, the analyst believes this “could further strengthen Dogecoin’s utility and appeal.”
Considering Dogecoin’s previous bull runs and how they unfolded, the analyst highlighted that each bull run is more significant than the last.
For example, there was a 9,300% increase in 2017 and a 29,000% increase in 2020/2021.
Based on this, the analyst believes that the price of DOGE may also see a significant run this time around.
The bottom of the run is placed at around 11,167%, which would put the price above $10.
Meanwhile, the best-case scenario top of Dogecoin’s bull run is placed at 40,137%, putting the price of DOGE as high as $40.
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