The Dogecoin price reaching as high as $10 has long been anticipated by the DOGE community who have remained loyal to the meme coin despite various crashes that have rocked the price. Even with Dogecoin sitting more than 85% below its May 2021 all-time high of $0.73, expectations for the meme coin’s performance are still very high. Given its historical performance, the DOGE price usually gets a window of opportunity for a surge, and it seems like another window is finally opening up.
The Bullish Thesis For Dogecoin
Crypto trader and analyst Dima James Potts took to the X platform to share a bullish outlook for the Dogecoin price. The analyst’s forecast takes into account a number of factors, ranging from historical performance to adoption. Nevertheless, the end result remains the same and that is the fact that the DOGE price could be set to surge.
Potts compared the current movement of the Dogecoin price to that of 2017 and 2020 to reveal a bullish trend. As the analyst explains, each time, before the Dogecoin price rallied, it broke above the white line and then closed the week above it, as shown in the image below:
Each time this happened, the DOGE price went on a parabolic run, and now, once again, the Dogecoin price has broken above the white line. This is bullish for the price, according to the analyst, serving as confirmation. However, the second part of this trend is yet to be completed and that is closing the week above the white line. Since the breakout occurred on Sunday, the DOGE price still has the rest of the week to complete this move.
The breakout is, however, not the only reason that Potts is bullish on the Dogecoin price. He also points to the increased adoption and low price as reasons why the price could rise to new highs. Also, with more technological updates that provide for faster transactions and higher levels of security, the analyst believes that this “could further bolster Dogecoin’s utility and appeal.”
A Possible 11,000% Surge?
Taking into account the previous Dogecoin rallies and how they have played out, the analyst pointed out that each rally is more significant than the last. For example, there was a 9,300% surge in 2017 and a 29,000% surge in 2020/2021. Going by this, the analyst believes that the DOGE price could also see a significant rally this time around.
The bottom of the rally is place at around 11,167%, which would put the price above $10. Meanwhile, the top of the Dogecoin rally in the best case scenario is placed at 40,137%, putting the DOGE price as high as $40.
Featured image created with Dall.E, chart from Tradingview.com