The price of Dogecoin is again preparing for a notable upward movement. Recent analyses of Dogecoin’s current price trends and previous price actions indicate that it may be set to experience another parabolic surge, possibly pushing its price up to $10.
Dogecoin Price Showing Parabolic Trend
The latest price activities of Dogecoin have brought the meme coinback into the limelight, marked by a significant breakout over the last few days. The price of Dogecoin surged to $0.129, marking its peak for October so far. This uptrend has enabled Dogecoin to surpass many other major market cap cryptocurrencies in daily and weekly performance metrics.
A recent price analysis shared on social media platform X highlighted that this latest breakout is reminiscent of the early phases of Dogecoin’s parabolic breakout in 2021.
The daily candlestick chart illustrates that the Dogecoin price broke above the upper trendline (yellow line) of a falling wedge in September. Following a brief retest of this level during the first two weeks of October, it has started another upward trajectory. As noted by Dima James Potts, this oscillation in price is akin to Dogecoin’s activity in January 2021, prior to its parabolic ascent that led to a peak at its all-time high of $0.7316 throughout the remainder of that year.
Previously, Dogecoin’s price broke above the upper trendline of a similar falling wedge on the daily candlestick timeframe chart, underwent a retest, and then soared higher. If history were to repeat, this could result in significant gains for Dogecoin in the months to come.
What Lies Ahead for Doge? A Surge to $10?
The last time Dogecoin experienced such a parabolic surge, it escalated by over 16,000%. According to the analyst, Dogecoin is positioned to replicate such a move, but it requires a close above $0.18 beforehand. This target of $0.18 corresponds to a purple descending trendline established from Dogecoin’s all-time high, which has acted as a resistance level for several years.
If the Dogecoin bulls successfully breach this trendline with a weekly close above $0.18, it would pave the way for substantial upward movements, similar to the previous cycle. This could potentially lead Dogecoin to break its all-time high and enter new price zones.
The analyst also anticipates that Dogecoin could reach as high as $10 in this forthcoming cycle, signifying an extraordinary 8,110% gain from its current value. However, attaining such a high target would necessitate a significant influx of funds from both retail and institutional investors, far surpassing the volume witnessed during the 2021 rally.
At present, Dogecoin’s price is trading at $0.1228.
Featured image generated with Dall.E, chart from Tradingview.com
