Could Dogecoin be on the verge of a massive price surge? One crypto analyst thinks so. They’ve spotted a repeating pattern in Dogecoin’s price history that suggests a potential rally to over $10.
A Repeating Pattern
A technical analyst on X (formerly Twitter) noticed something interesting about Dogecoin’s price chart. Looking at the weekly chart, they saw a pattern repeating every few years:
- Accumulation: The price slowly builds up, kind of like a coiled spring.
- Breakout: Then, boom! The price explodes upwards.
- Retracement: After a big jump, the price pulls back before another accumulation phase.
This pattern seems to follow a long-term upward trend since 2014. The analyst points out that Dogecoin has bounced off the lower trendline of this channel every four years, leading to significant price increases.
History Repeating Itself?
This pattern played out in 2017 and 2021. Both times, Dogecoin hit the lower trendline, then rallied significantly. The analyst believes we’re seeing this pattern again. If history repeats, we could be in for another big move.
The $10 Prediction
The analyst’s chart shows that in previous cycles, Dogecoin reached the upper boundary of the long-term upward trend. If this happens again, it could push Dogecoin’s price above $10. That’s a huge jump from its current price of around $0.17.
A Realistic Prediction?
While a $10 Dogecoin might sound ambitious (it’s currently down about 40% from recent highs), the analyst’s analysis is based on a clear historical pattern. Of course, nothing is guaranteed in the crypto market, and the broader market’s volatility could impact Dogecoin’s price. Still, the analyst remains optimistic about Dogecoin’s future.
