Dogecoin price is gearing up for another big rally. In a recent price analysis on current price movements and historical price trends, one analyst suggested that Dogecoin is once again on a parabolic trajectory and the price could soar to $10.
Dogecoin price showing parabolic pattern
Recent Dogecoin price movements have put the meme coin back in the spotlight, with it seeing a notable breakout over the past few days. Memecoin’s price reached an all-time high of $0.129 in October. This rally has allowed Dogecoin to outperform many other large market cap cryptocurrencies in both daily and weekly performance.
According to a price analysis posted on social media platform
The daily candlestick timeframe chart shows that Dogecoin price broke above the upper trendline (yellow line) of the descending wedge in September. It briefly tested this level in the first two weeks of October before starting to rise again. As noted by Dima James Potts, this back-and-forth movement continued in a parabolic fashion throughout the rest of the year until Dogecoin peaked at its current all-time high of $0.7316 in January 2021. Similar to the price trend of Dogecoin.
At that time, Dogecoin price broke above the upper trendline of a similar falling wedge on a daily candlestick timeframe chart, retested it, and continued to push upwards thereafter. If history repeats itself, Dogecoin’s price will rise significantly in the coming months.
Source:X
What’s next for Doge? Moving to $10?
The last time Dogecoin had such a parabolic rally, it soared over 16,000%. According to the analyst, Dogecoin is poised to repeat a similar move, but first it needs to close above $0.18. This $0.18 price target represents the purple downtrend line drawn from Dogecoin’s all-time high, which has primarily acted as resistance over the past few years.
If Dogecoin bulls can break this trendline above $0.18 at the weekly close, it will set the stage for a massive rally, similar to the previous cycle. This will push Dogecoin past its all-time high and into new price territory.
Analysts also speculate that Dogecoin could soar as much as $10 in the coming cycles, which would be a whopping 8,110% increase from its current price. But achieving such lofty goals will require massive inflows from retail and institutional investors, far exceeding the 2021 bull market.
At the time of writing, Dogecoin price is trading at $0.1228.
DOGE price still holding $0.12 | Source: DOGEUSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
