Dogecoin Aims for Weekly Close Above Resistance Line to Reach $10
A crypto analyst indicates that Dogecoin's price is nearing a critical weekly closing point, raising the possibility of a significant upward movement. The analyst questions whether Dogecoin can close the weekly candle above a key resistance level, referred to as the yellow line. A successful close above this level could lead to a predicted breakout to $10.
Dogecoin Eyes $10 Breakout Above Key Level
Crypto analyst Dima James Potts has released new insights on Dogecoin's price via X (formerly Twitter), predicting a potential rise to $10, which would set an all-time high. His analysis utilizes historical technical patterns observed in past cycles to assess Dogecoin's performance.
Potts highlights the significance of the green and red lines on the weekly chart, noting that their crossing often signals positive weekly performance for Dogecoin. The current price movement mirrors this pattern, indicating potential upward momentum.
This analysis includes the “Yellow Line,” a notable resistance level. Potts states that if Dogecoin rises above this line on the weekly chart, it typically leads to a parabolic upward move.
Should Dogecoin close above $0.18 this week, it may confirm a breakout and initiate a historically observed parabolic trend.
Supporting his bullish outlook, Potts referenced previous instances when Dogecoin closed above the yellow line, resulting in surges of over 8,373.35% and 18,376.25% during past market cycles.
Given these historical performances and technical indicators, Potts suggests that a similar trend may emerge in this third cycle, potentially driving Dogecoin toward the $10 target.
Dogecoin Price Drops 8%, Can It Get To $10?
Despite the bullish forecast for a Dogecoin price rally to $10, the cryptocurrency recently experienced a decline exceeding 7.2%, reflecting volatility amid shifting market conditions. Achieving the $10 mark will require sustained upward momentum fueled by positive market sentiment.
Several bullish factors are contributing to Dogecoin's upward trajectory. In addition to strong community support and increased wallet addresses, Dogecoin's price is influenced by SpaceX CEO Elon Musk and his Department of Government Efficiency (D.O.G.E) proposal.
With Musk’s D.O.G.E expected to receive endorsement from Donald Trump, analysts speculate that this influence could propel Dogecoin beyond $10, potentially reaching between $4 and $23 shortly.
