Technical analysis shows Dogecoin price still on track In this bull cycle to new all-time highs, history in particular points to similar bullish scenarios that have played out before. By analyzing historical cycles on Dogecoin’s monthly charts, patterns emerge This suggests a possible path toward the much-anticipated $10 milestone. Notably, these observations provide a roadmap What to expect in the coming months and when the price of Dogecoin will finally surpass both the $1 and $10 targets.
Historical trends highlight recurring patterns
Dogecoin’s price fluctuations over the past few years have revealed recurring patterns associated with its monthly candles. According to crypto analyst Dima Potts James, who expressed his opinion On the social media platform
This interesting trend has emerged through the Dogecoin monthly candlestick chart that comes with the analyst’s outlook. In previous bullish cycles, Dogecoin displayed notable growth after progressing through a series of four upward-trending monthly candles, denoted here as “violet candles”.
During the first cycle, DOGE was able to form four consecutive bullish candles, which took its price below $0.0004 to $0.003, before encountering a key resistance trend line. In the second cycle, the rise was even faster, reaching the same resistance trend line within less than four candles. However, this time, Dogecoin price broke out of this resistance trend line before reaching its current all-time high of $0.7316.
These consistent patterns suggest that Dogecoin’s price is strongly influenced by time-based cycles, and we may see a similar play out in this cycle.
The third chakra is moving forward with new goals
As it stands, Dogecoin has in the middle of its third bullish cycleAnd its monthly trajectory remains aligned with historical behavior. Notably, Dogecoin price has already completed two purple bullish candles and is on the third. Based on the established trend, DOGE is on its way to reach the trendline that served as resistance in the last two cycles.
However, this line is not constant; Instead, it curves upward. This means that price targets move upward over time. If Dogecoin price meets this resistance trend line in December, it will be priced around $1.50.
However, the projected race is not expected to stop here. Breaking this resistance trend line would send Dogecoin price higher, as it happened in the previous cycle. According to technical analysis, Dogecoin is likely to reach $10 sometime in 2025.
At the time of writing, Dogecoin is trading at $0.454.
Featured image created with Dall.E, chart from tradingview.com
