Dogecoin Price Looking To Close Weekly Candle Above The Yellow Line, Why $10 Is Possible If This Happens

Share This Post

A crypto analyst has disclosed that the Dogecoin price may be positioning itself for a significant move upward as it approaches a critical weekly close. The question arises as to whether Dogecoin can close the weekly candle above the yellow line. With this line acting as a critical resistance level for the Dogecoin price, the analyst has predicted a breakout to $10 if Dogecoin can successfully close above it.  

Dogecoin Eyes $10 Breakout Above Key Level

Crypto analyst Dima James Potts has shared a new Dogecoin price analysis via X (formerly Twitter), predicting that the number one meme coin could rise to $10, marking a historic all-time high. Based on technical patterns observed in past cycles, Potts disclosed that the Dogecoin weekly chart has often been used to decipher Dogecoin’s performance.

Dogecoin price

He referred to the green and red lines on the Dogecoin weekly chart, highlighting that historically, when these lines cross a certain way, it tends to trigger a positive or “green” weekly performance for Dogecoin. Potts has revealed that the Dogecoin price movement is showcasing this same pattern in this current cycle, suggesting a potential for upward price momentum.  

Interestingly, this recurring pattern formation also involves a “Yellow Line,” which appears to act as a critical resistance level for Dogecoin. According to Potts, when Dogecoin can rise above this line on the weekly chart, it often leads to a parabolic upward move

With this in mind, the analyst has suggested that if  Dogecoin closes the week above $0.18, it could confirm a breakout and the start of this historically occurring “parabolic move.” 

To further support his bullish Dogecoin price prediction, Potts shared Dogecoin’s previous performance when it closed above the yellow line. After crossing this level, The analyst revealed that Dogecoin surged by more than 8,373.35% during the first market cycle. Similarly, the meme coin skyrocketed by 18,376.25% in the second cycle. 

Given these past performance and technical indicators, Potts is confident that a similar trend could repeat for Dogecoin in this third cycle, with the potential for a more significant move towards the $10 target. 

Dogecoin Price Drops 8%, Can It Get To $10?

Amidst the bullish forecast of a Dogecoin price rally to $10, the cryptocurrency has recently declined by more than 7.2%, experiencing volatility with the rapid shift in market conditions and sentiment. A rise to $10 would require Dogecoin to continue on a significant upward momentum, driven by optimistic market sentiment and certain bullish factors. 

A few bullish factors have been driving the Dogecoin price towards higher levels. Excluding its strong community support and increased wallet addresses, the Dogecoin price has been rising steadily due to the influence of SpaceX CEO Elon Musk and his Department of Government Efficiency (D.O.G.E) proposal. 

With Musk’s D.O.G.E set to gain endorsement from the 47th US President, Donald Trump, analysts believe that the influence could drive Dogecoin even higher than $10, hitting somewhere between $4 and $23 soon.  

Dogecoin price chart from Tradingview.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Dean Skurka, CEO of Crypto Company WonderFi, Kidnapped in Toronto

The post Dean Skurka, CEO of Crypto Company WonderFi, Kidnapped in Toronto appeared first on Coinpedia Fintech News In an event that shocked the crypto space, the CEO of WonderFi- a Canada crypto

Bitcoin Price Advances Again: Can Bulls Push It Even Higher?

Bitcoin price is gaining pace above $75,000 BTC is rising and might aim for a move above the $77,000 resistance zone in the near term Bitcoin started a fresh surge above the $74,500 zone The price is

Crypto Power Surge: Over 280 Pro-Crypto Allies Secure US Congress Seats

A pro-crypto Congress takes shape as more than 280 newly elected crypto-friendly allies promise to drive bold reforms, fueling momentum for a decentralized financial future A New Congress Emerges,

Ethereum L2 Project Spark Launches On-Chain Order Book On Fuel Network To Enhance Trading

Spark, a decentralized trading protocol, announced the first fully on-chain order book for the Ethereum ecosystem Launching on Fuel Network, the project aims to provide solutions for some of the

Dapps’ revenue hits $164M in October amid growing adoption

According to a report by Binance Research, decentralized applications (dApps) represented 12 out of 15 protocols with the most significant revenues in October, amounting to $164 million This suggests

Latecomers To Bitcoin Rally Get Cautionary Advice From Analyst, Here’s Why

Bitcoin is currently riding the bullish wave in the midst of growing market optimism, which has caused the largest crypto asset to reach a new all-time high However, a crypto analyst has warned that