Crypto analyst Dima Potts suggests that Dogecoin may be on the verge of a significant price breakout due to recurring market cycles.
Technical Analysis of Dogecoin
In a recent post on X (formerly Twitter), Dima Potts highlighted that Dogecoin has been following a long-term ascending channel since 2014. This cycle includes accumulation phases followed by parabolic surges, with each bull run occurring every four years.
DOGE’s Price Cycles: A Bullish Pattern
Historically, Dogecoin has rebounded off the lower white trendline of its ascending channel before experiencing a significant price rally. In 2017, DOGE touched the lower trendline and surged to $0.01 in 2018. In 2021, the pattern repeated, sending DOGE to its all-time high of $0.73. In 2024, Dogecoin has once again hit the lower trendline, hinting at an imminent bullish reversal.
Can Dogecoin Hit $10?
While a 10x increase from its current price of $0.17 may seem ambitious, historical trends support the possibility. Despite DOGE’s recent 40% drop, analysts remain optimistic, noting that meme coins often experience rapid recoveries in bull markets. However, breaking key resistance levels will be crucial for Dogecoin to enter its next parabolic growth phase.
With broader market conditions stabilizing, all eyes are on Dogecoin’s price action. If it follows the four-year cycle, a massive rally could be on the horizon.
