Dogecoin (DOGE) Price Exhibiting Parabolic Pattern, Analyst Suggests It's On Track to Repeat 2021 Parabolic Run and Skyrocket to $10

The Dogecoin price is once again gearing up for a significant move to the upside. In a recent price analysis of current price movement and previous price action

Dogecoin price movements have once again grabbed the attention of crypto enthusiasts, as the meme coin has made a remarkable breakout over the past few days. Surging past the $0.129 mark, Dogecoin has outperformed several other large market cap cryptocurrencies in both daily and weekly price performance.

One particular analysis has highlighted striking similarities between Dogecoin’s current price action and its movements prior to a massive parabolic run in 2021. As noted by the analyst, "Dima James Potts," on social media platform X, Dogecoin broke out of a falling wedge on the daily chart in September. Following a brief retest of this level during the first two weeks of October, Dogecoin has begun another ascent.

This back-and-forth movement closely mirrors Dogecoin's price action in January 2021, before it embarked on a parabolic run that culminated in a peak at its current all-time high of $0.7316 later that year. At the time, Dogecoin broke above the upper trendline of a falling wedge on the daily candlestick timeframe chart, retested it, and continued pushing upwards.

If history were to repeat itself, this could bode well for Dogecoin over the next few months. The last time Dogecoin experienced such a parabolic rally, it soared by over 16,000%. According to the analyst, for Dogecoin to make a similar move this time around, it needs to close above $0.18.

This $0.18 target is represented by a purple descending trendline drawn from Dogecoin’s all-time high, which has acted as resistance for the past few years. If the Dogecoin bulls are able to pull this off with a weekly close above $0.18, it could set the stage for massive upward moves, just like in the last cycle.

This, in turn, would see Dogecoin breaking above its all-time high into new price territories. The analyst also speculates that Dogecoin could soar as high as $10 in this upcoming cycle, which would represent a monumental 8,110% increase from its current price.

However, reaching such a lofty target would require a huge influx of capital from retail and institutional investors, far greater than the volume seen during the 2021 rally. At the time of writing, the Dogecoin price is trading at $0.1228.

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