Dogecoin price is yet again on the verge of another crucial breakout after a hidden historic pattern re-emerged. If the breakout does happen this time, it would confirm a Dogecoin bull run, causing the meme coin to surge to unprecedented levels. One analyst has predicted that a price tag of $10+ for DOGE is possible within this bull cycle.
Why is the Dogecoin Price Down Today?
On November 7, the DOGE price dropped by 8% during London’s pre-market hours to trade at $0.1941.
The decline could be a result of investors booking profits and channeling them to mid-cap coins and could be the reason why crypto assets like Lido DAO (LDO), Raydium (RAY), and Maker (MKR) are all up more than 22% in the last 24 hours per Coingecko data.
Additionally, Bitcoin price experienced a surge in volume and volatility on late November 7 to reach a new all-time high of $76,244. However, it has since retraced to its current price of $74,814.
‘Green Weeks’ Ahead For DOGE Price To Surge Above $10
Crypto analyst Dima James Potts has predicted that the DOGE price could soar to $10 in this bull cycle. Consulting the weekly chart, he pointed out a hidden historical pattern, noting that the Dogecoin price turned positive every time it occurred, triggering ‘green weeks.’
For instance, in the first bull cycle, DOGE had an average return of 8,373%; in the second cycle, it rose by 18,376%. The meme coin is currently in the third cycle, and the analyst is looking for a close above $0.21 to confirm that the historical pattern has been completed.
This could lead to a parabolic run for DOGE price, as seen in the previous years, which could lead the asset to as high as $35 for an average return of 19,416%.
The weekly candle will end in about three days from press time, confirming the bullish bias and kicking off the 200X parabolic run for the price of DOGE.
Dogecoin Price Analysis: Will $0.20 Barrier Break?
Dogecoin price forecast shows the asset is currently in a retrace after a surge above the $0.2 barrier. The sell wall around this previous yearly high is huge, but buyers are not giving up. DOGE is currently in a rising channel, which is bullish, and the recent candlestick pattern suggests a high buy pressure. Dogecoin now sees a new local high of around $0.32 (at the top of the channel) or $0.44 if volatility is high during the breakout.
The Average Directional Index (ADX) is currently at 28 and facing upward, which suggests that volatility is high and still increasing for Dogecoin. This indicates that the current upward trend for Dogecoin price is strong and unlikely to be invalidated.
The MACD histograms also confirm a strong upward trend. This is useful for traders as it lets them know when to exit positions since the Relative Strength Index (RSI) is currently in the overbought zone at 72.28.
When the RSI crosses into the overbought (OB) zone, it signals that the price is about to correct. However, it also signals a short period of intense volatility and may be what Dogecoin price was waiting for to break through the $0.20-0.22 yearly high barrier.
Frequently Asked Questions (FAQs)
A hidden historical pattern has re-emerged on Dogecoin’s chart, which previously signaled strong rallies. If this pattern holds, analysts predict Dogecoin could surge past $10 during the current bull cycle.
On November 7, DOGE dropped by 8% due to profit-taking and investor interest shifting to mid-cap altcoins. Bitcoin’s recent all-time high also redirected some market attention.
Indicators like the Average Directional Index (ADX) and MACD show strong upward momentum and increasing volatility, signaling sustained buy pressure for Dogecoin.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
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/will-dogecoin-price-soar-over-10-as-famous-pattern-re-emerges/
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