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A crypto analyst has disclosed that the Dogecoin pricemay be positioning itself for a significant move upward as it approaches a critical weekly close. The question arises as to whether Dogecoin can close the weekly candle above the yellow line. With this line acting as a critical resistance level for the Dogecoin price, the analyst has predicted a breakout to $10if Dogecoin can successfully close above it. Dogecoin Eyes $10 Breakout Above Key Level
Crypto analyst Dima James Potts has shared a new Dogecoin price analysis via X (formerly Twitter), predictingthat the number one meme coin could rise to $10, marking a historic all-time high. Based on technical patterns observed in past cycles, Potts disclosed that the Dogecoin weekly chart has often been used to decipher Dogecoin’s performance. Related Reading Bitcoin Price Touches $75,000 ATH: Analyst Says This Is What You Should Expect Next 1 day ago Source: X
He referred to the green and red lines on the Dogecoin weekly chart, highlighting that historically, when these lines cross a certain way, it tends to trigger a positive or “green” weekly performance for Dogecoin. Potts has revealed that the Dogecoin price movementis showcasing this same pattern in this current cycle, suggesting a potential for upward price momentum.
Interestingly, this recurring pattern formationalso involves a “Yellow Line,” which appears to act as a critical resistance level for Dogecoin. According to Potts, when Dogecoin can rise above this line on the weekly chart, it often leads to a parabolic upward move.
With this in mind, the analyst has suggested that if Dogecoin closes the week above $0.18, it could confirm a breakout and the start of this historically occurring “parabolic move.”
To further support his bullish Dogecoin price prediction, Potts shared Dogecoin’s previous performance when it closed above the yellow line. After crossing this level, The analyst revealed that Dogecoin surged by more than 8,373.35% during the first market cycle. Similarly, the meme coin skyrocketed by 18,376.25% in the second cycle.
Given these past performance and technical indicators, Potts is confident that a similar trend could repeat for Dogecoin in this third cycle, with the potential for a more significant move towards the $10 target. Dogecoin Price Drops 8%, Can It Get To $10?
Amidst the bullish forecast of a Dogecoin price rallyto $10, the cryptocurrency has recently declined by more than 7.2%, experiencing volatility with the rapid shift in market conditions and sentiment. A rise to $10 would require Dogecoin to continue on a significant upward momentum, driven by optimistic market sentiment and certain bullish factors. Related Reading This Crypto Analyst Correctly Predicted The Bitcoin Price Rise To $75,000, Here’s The Full Prediction 23 hours ago
A few bullish factorshave been driving the Dogecoin price towards higher levels. Excluding its strong community support and increased wallet addresses, the Dogecoin price has been rising steadily due to the influence of SpaceX CEO Elon Musk and his Department of Government Efficiency (D.O.G.E) proposal.
With Musk’s D.O.G.Eset to gain endorsement from the 47th US President, Donald Trump, analysts believe that the influence could drive Dogecoin even higherthan $10, hitting somewhere between $4 and $23 soon. DOGE price fails at $0.2 | Source: DOGEUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com