The Dogecoin price is once again gearing up for a significant move to the upside. In a recent price analysis of current price movement and previous price action, an analyst suggested Dogecoin is on track to repeat another parabolic run, potentially sending its price skyrocketing to $10.
Dogecoin Price Exhibiting Parabolic Pattern
Recent Dogecoin price movements have put the meme coin back in the spotlight, with a noticeable breakout over the past few days. The meme coin’s price increased to hit $0.129, its highest price point so far in October. This rally has allowed Dogecoin to outpace many other large market cap cryptocurrencies in both daily and weekly performance.
According to a price analysis posted on social media platform X, Dima James Potts noted that this recent breakout resembles the initial stages of Dogecoin’s parabolic breakout move in 2021.Â
The daily candlestick timeframe chart shows the Dogecoin price broke above the upper trendline (yellow line) of a falling wedge in September. After briefly retesting this level during the first two weeks of October, it has since begun another upward climb. As Dima James Potts pointed out, this back-and-forth movement is similar to Dogecoin’s price action in January 2021 before it went on a parabolic run throughout the rest of the year until it peaked at its current all-time high of $0.7316.
Back then, the Dogecoin price broke above the upper trendline of a similar falling wedge on the daily candlestick timeframe chart, retested it, and then continued pushing up. If history were to repeat itself, this would lead to monumental gains for the Dogecoin price in the coming months.
What’s Next For Doge? A Move To $10?
The last time Dogecoin went on such a parabolic rally, it skyrocketed by over 16,000%. According to the analyst, Dogecoin is ready to repeat such a move, but it needs to close above $0.18 first. This $0.18 target represents a purple descending trendline drawn from Dogecoin’s all-time high, which has largely acted as resistance for the past few years.
Once the Dogecoin bulls are able to break above this trendline with a weekly close above $0.18, this would set the stage for massive upward moves, just like in the last cycle. This, in turn, would see Dogecoin breaking above its all-time high into new price territories.Â
The analyst also speculates that Dogecoin could soar as high as $10 in this upcoming cycle, which would represent a monumental 8,110% increase from its current price. However, reaching such a lofty target would require a huge influx of capital from retail and institutional investors, far greater than the volume seen during the 2021 rally.
At the time of writing, the Dogecoin price is trading at $0.1228.
Featured image created with Dall.E, chart from Tradingview.com
