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

Did MicroStrategy Buy Bitcoin Over the Weekend? Rumors Point to a Major BTC Accumulation!

The post Did MicroStrategy Buy Bitcoin Over the Weekend Rumors Point to a Major BTC Accumulation! appeared first on Coinpedia Fintech News Michael Saylor’s MicroStrategy is at it again, with rumors

Crypto Hack Weekly Report: Threat Analysis and Major Escalation of Hacks

The post Crypto Hack Weekly Report: Threat Analysis and Major Escalation of Hacks appeared first on Coinpedia Fintech News The past week features the first-ever AI poisoning attack, as well as

Russia Cautious on Tokenizing Real-World Assets

The Bank of Russia’s report highlights the potential benefits of tokenizing real-world assets but also emphasizes the need for a clear regulatory framework Expanding the Value of Traditional

Top Altcoins That Can Hit An ATH This Week?

The post Top Altcoins That Can Hit An ATH This Week appeared first on Coinpedia Fintech News Story Highlights The Solana price hits a new high of $26384 on 23rd November The Stellar price soared over

The Sandbox (SAND) Price Primed to Hit $1 After Momental Surge— Decentraland (MANA) Price to Follow the Suit

The post The Sandbox (SAND) Price Primed to Hit $1 After Momental Surge— Decentraland (MANA) Price to Follow the Suit appeared first on Coinpedia Fintech News For quite a long time, NFT space

Crypto Liquidations Top $494M as Altcoins Gain Bullish Momentum

The post Crypto Liquidations Top $494M as Altcoins Gain Bullish Momentum appeared first on Coinpedia Fintech News As Bitcoin (BTC) closed the third consecutive week in the price discovery phase, the