Dogecoin price, a leading meme-based cryptocurrency, has dropped over 25% this week amid a broader market downturn. Bitcoin’s price also slipped, falling to $93k, adding pressure to market sentiment. However, analysts suggest Dogecoin could rally to $10, citing historical trends and potential parabolic growth. The recent dip may present a bullish opportunity for long-term investors.
Historical Patterns Signal Dogecoin Price Could Hit $10 Soon.
The analyst highlights Dogecoin’s historical price behavior to project a potential target for its next rally. In 2017, Dogecoin experienced a significant rise of 212%, a retracement of 40%, and a subsequent rally of 5,000%. Similarly, in 2021, the coin surged 476%, retraced 56%, and then skyrocketed by 12,000%.
In 2024, Dogecoin price has risen by 440% before retracing 46%, which aligns closely with the historical retracement figures. The analyst suggests that if the historical patterns repeat, Dogecoin could enter another parabolic rally. Based on the analysis, the target appears to range between $5 and $20, representing a possible 20,000% gain, similar to prior bull runs.
Current support is seen at approximately $0.20–$0.30, marking the retracement zone. Resistance levels are likely to emerge near $0.75, aligning with 2021’s previous peak.
Dogecoin Price Analysis
As of the reporting time, the DOGE price is trading at $0.3111. This represents a daily drop of 2.18%, reflecting ongoing volatility in the cryptocurrency market. Over the past 24 hours, the Dogecoin price ranged between $0.3033 and $0.3213, highlighting a relatively narrow trading band.
Today, Bitcoin (BTC) plunged below $94,000, extending the cryptocurrency market’s bearish trend. Ethereum (ETH) also slipped, trading under $3,400. Major altcoins, including DOGE, mirrored the downward momentum, intensifying concerns about the broader market’s ongoing decline.
Time To Buy The Dip?
If the bearish trend persists, DOGE could break below the $0.30 support level. A deeper bearish move might push prices to test the $0.25 mark, signaling further weakness in the market.
However, if bulls regain control, the Dogecoin price prediction could stage a recovery, potentially targeting the $0.35 resistance zone. A sustained upward move might even see the top meme coin revisit the $0.40 level, indicating renewed market optimism.
The Moving Average Convergence Divergence (MACD) indicator suggests neutral to bearish momentum. The signal line remains below zero, signaling a lack of strong upward momentum.
Dogecoin’s historical patterns suggest potential for another parabolic rally, despite current market volatility. Support at $0.20–$0.30 and resistance near $0.75 indicate a possible bullish trajectory for long-term investors.
Frequently Asked Questions (FAQs)
Past rallies show retracements followed by parabolic growth, suggesting potential gains.
Analysts predict a range of $5 to $20, aligning with history.
Support is seen at $0.20–$0.30 based on recent retracements.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/history-suggests-dogecoin-price-primed-for-parabolic-rally-to-10/
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