Dogecoin price is once again on a massive rise. In a recent price analysis of current and previous price action, one analyst says Dogecoin is poised for another parabolic move that could potentially send its price soaring to $10.
Dogecoin price shows parabolic pattern
Recent price action for Dogecoin has put the meme coin back in the spotlight, with a notable breakout over the past few days. The meme coin’s price has risen to $0.129, its highest price since October. This rally has allowed Dogecoin to outperform many other larger cryptocurrencies on both a daily and weekly basis.
According to price analysis posted on social media platform X, Dima James Potts noted that the recent breakout resembles the initial stages of Dogecoin’s 2021 parabolic breakout move.
The daily candlestick timeframe chart shows that Dogecoin price broke above the upper trendline of the falling wedge (yellow line) in September. After briefly retesting that level in the first two weeks of October, the price began another upward climb. As Dima James Potts points out, this back-and-forth is similar to Dogecoin's price action in January 2021, after which it went parabolic over the next year until reaching its current all-time high of $0.7316.
At that time, the price of Dogecoin broke through the upper trendline of the descending wedge-like pattern on the daily candlestick chart, retested and continued to rise. If history repeats itself, this will lead to a significant increase in the price of Dogecoin in the coming months.
What’s next for Doge? $10?
The last time Dogecoin saw such a parabolic rally, it gained more than 16,000%. According to analysts, Dogecoin is ready to repeat such a move, but first it needs to close above $0.18. This $0.18 target represents a purple descending trendline drawn from Dogecoin’s all-time high, which has acted as resistance over the past few years.
Once Dogecoin bulls are able to break above this trendline and close above $0.18 on a weekly basis, it will set the stage for a significant up move, just like in the previous cycle. In turn, Dogecoin will break out above its all-time highs and enter a new price range.
The analyst also speculated that in the upcoming cycle, Dogecoin could surge to $10, which would be an 8,110% increase from its current price. However, reaching such a high target would require massive inflows from both retail and institutional investors, far exceeding the scale seen during the 2021 rally.
At the time of writing, Dogecoin’s price is $0.1228.
