2024-10-11 14:00 |
Crypto analyst Dima James has predicted an explosive rice rally for the Dogecoin price. Interestingly, the analyst raised the possibility of a price surge to as high as $10 and provided an analysis to show why it is possible.
Can The Dogecoin Price Reach $10Dima James suggested in an X post that the Dogecoin price can reach $10 while highlighting the similarity between the meme coin’s current price action and that of the last cycle. Dogecoin’s daily chart shows that the current price action has witnessed several pullbacks toward the 0.382 Fibonacci level, just like in the previous cycle.
In the last cycle, this price movement is said to have happened a few times just before a significant upward trend began. The crypto analyst revealed that the Dogecoin price is again retesting the 0.382 Fibonacci level. He added that this could mean upward ascent should start soon if history repeats itself.
This isn’t the first time the analyst has suggested that the Dogecoin price can reach $10. He also previously cited historical patterns to prove this price surge is possible. He noted that in 2017 the meme coin witnessed a 9,000% increase, while in 2021, it rose by 18,000%. In line with this, he claimed that the crypto could again witness an equally, if not larger, price increase in 2025 if this trend continues.
Meanwhile, more recently, the analyst boldly asserted that Dogecoin will outperform Bitcoin in this market cycle. He noted that Dogecoin has enjoyed higher price gains in every successive market cycle, unlike Bitcoin, whose price gains continue to decline in every bull run.
The Dogecoin price gained over 21,000% in the 2018 bull run and increased over 54,000% in the 2021 bull run. If this trend continues, then Dogecoin’s rise to $10 is likely, considering that it will enjoy higher price gains than the two previous cycles.
The Price Breakout Is Around The CornerCrypto analysts like Mikybull Crypto have suggested that the Dogecoin price breakout is around the corner. In a recent X post, the analyst stated that DOGE is on a level that usually sparks a massive rally. His accompanying chart showed that the meme coin could reach $1 in this market cycle.
Crypto analyst Crypto Rover also claimed that the Dogecoin price is ready to “pop.” The analyst, however, gave a more conservative prediction as his accompanying showed that the meme coin could reach $0.4 sometime next year.
Despite being the foremost meme coin, Dogecoin has been among the least-performing coins in this market cycle. However, Dima James stated that those underestimating DOGE in this cycle should prepare for a “rude awakening.”
At the time of writing, Dogecoin is trading at around $0.1077, down in the last 24 hours, according to data from CoinMarketCap.
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