2024-10-24 10:30 |
Dima James Potts noted a pivotal moment for Dogecoin (DOGE), indicating that the cryptocurrency’s price may rise significantly in the current cycle. The weekly chart reveals a steady upward trend since the green and red lines crossed in early September, marking a critical transition from a bearish to a bullish sentiment.
Key Observations for DOGE Memecoin PriceThe analysis categorizes Dogecoin’s price movements into four distinct cycle phases, each identified by colored numbers:
Red (1): Bear Market/Downtrend
Orange (2): Accumulation/Sideways Movement
Yellow (3): Small Upward Movement
Green (4): Bull Market/Top
This framework illustrates that Dogecoin has historically followed similar cycles: a downward phase, followed by accumulation, a slight upward movement, and ultimately, a bull run.
The recent price action suggests that Dogecoin is transitioning from the accumulation phase (orange) towards a potential upward trend (yellow). The formation of a wedge pattern may indicate an impending breakout. The crossing of the green and red lines signals what could be the final bottom, suggesting that the recent dip might represent the lowest point, the final bottom, before a significant upward trend.
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Future Projections for DOGE PriceDima James Potts forecasts that Dogecoin could exceed $10, attributing this potential surge to increased adoption and the historical cycle patterns observed in the chart. While the outlook remains bullish, the analysis cautions investors about possible market corrections, which could range from 30% to 85% during the ascent to the next peak.
Such pullbacks have been common in previous cycles, and investors should be prepared for these fluctuations.
The analyst anticipates a notable peak around 2025 when substantial price gains could be realized. Although the chart hints at a high target—represented by the “36” mark ($36)—specific price predictions beyond this remain speculative.
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Show more +Show less –Going by his post, the analyst is particularly confident that XRP is going beyond the $10. The technical analysis shows $36 is a possibility and could be the logical target going by what has happened in the past.
Role of AdoptionThe crypto analyst notes the importance of broader adoption as a key driver for Dogecoin’s potential success in this cycle. Increased acceptance and usage are expected to propel the price to new heights.
With historical patterns suggesting a significant bullish phase, the analysis encourages those predicting conservative targets, such as $1, to reconsider their forecasts based on the established trends.
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The post Dogecoin Price Hits ‘Final Bottom’: Technical Analysis Suggests DOGE Could Surpass $10 This Cycle appeared first on CaptainAltcoin.
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