Dogecoin has emerged as one of the altcoins in the cryptocurrency market that has seen impressive rallies with each bull cycle. These powerful results have cemented it as a favorite of investors, and the current cycle is no different. With the expectation that the cryptocurrency market will experience another bull run in the coming months, analysts believe that Dogecoin Price Is Poised For A Massive Price Surge which could send it into double-digit territory.
The historical bullish chart formation returns
Cryptocurrency analyst Dima James Potts took to X (formerly Twitter) to… share An interesting formation in the Dogecoin ChartThis analysis takes into account the meme coin’s past performance in cryptocurrency bull cycles and how the price behaved before each rally.
For example, the cryptocurrency analyst notes that before the 2017 bull market, there was an intersection between the bottom of the Dogecoin bear market and the top of the bullish cycleWhat followed this formation was a 9000% rally that took the price of the meme coin from $0.00009 to $0.014.
Then, like clockwork, in the run-up to the next bull cycle that ended in 2021, the Dogecoin price repeated the same pattern. Once again, there was an intersection of the line starting from the bottom of the bear market with the one starting from the peak of the bull market, as illustrated in the chart.
Just like in 2017, this intersection marked the beginning of another significant Dogecoin price rally. Fueled with the help of people like billionaire Elon Musk, The price of Dogecoin It rose from less than $0.015 to $0.7, completing an 18,000% rally during this time.
Now, this same pattern has returned and, as before, the cryptocurrency analyst hopes that it is the signal that The price of DOGE is set to embark on another rally. The lines have now crossed as before. Furthermore, Potts points out that there is always a price increase for Dogecoin in the third year of each cycle. This puts the start of the next bullish rally sometime in 2024, before the main rally occurs in 2025.
Dogecoin price could reach $10
Using the similar trend that has emerged in the last two bull cycles, Potts believes that Dogecoin Price Is Gearing Up For A Substantial Price Increaseespecially in 2025. Using previous increases, he predicts that the price of DOGE could rise as high as $10.
If this happens, it would mean an increase of around 10,000% compared to the meme coin price $0.1 at the time of writing. “In the first cycle (2017), Dogecoin saw a 9000% increase, and in the second (2021), it increased by 18,000%. If this trend continues, we could witness an equally impressive, if not greater, price appreciation in the third cycle,” the cryptocurrency analyst stated.
Featured image created with Dall.E, chart from Tradingview.com
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.