Dogecoin Price Looking To Close Weekly Candle Above The Yellow Line, Why $10 Is Possible If This Happens
07 November 2024 - 9:30PM
NEWSBTC
A crypto analyst has disclosed that the Dogecoin price may be
positioning itself for a significant move upward as it approaches a
critical weekly close. The question arises as to whether Dogecoin
can close the weekly candle above the yellow line. With this line
acting as a critical resistance level for the Dogecoin price, the
analyst has predicted a breakout to $10 if Dogecoin can
successfully close above it. Dogecoin Eyes $10 Breakout
Above Key Level Crypto analyst Dima James Potts has shared a new
Dogecoin price analysis via X (formerly Twitter), predicting that
the number one meme coin could rise to $10, marking a historic
all-time high. Based on technical patterns observed in past cycles,
Potts disclosed that the Dogecoin weekly chart has often been used
to decipher Dogecoin’s performance. Related Reading: Bitcoin Price
Touches $75,000 ATH: Analyst Says This Is What You Should Expect
Next He referred to the green and red lines on the Dogecoin weekly
chart, highlighting that historically, when these lines cross a
certain way, it tends to trigger a positive or “green” weekly
performance for Dogecoin. Potts has revealed that the Dogecoin
price movement is showcasing this same pattern in this current
cycle, suggesting a potential for upward price
momentum. Interestingly, this recurring pattern
formation also involves a “Yellow Line,” which appears to act as a
critical resistance level for Dogecoin. According to Potts, when
Dogecoin can rise above this line on the weekly chart, it often
leads to a parabolic upward move. With this in mind, the
analyst has suggested that if Dogecoin closes the week above
$0.18, it could confirm a breakout and the start of this
historically occurring “parabolic move.” To further support
his bullish Dogecoin price prediction, Potts shared Dogecoin’s
previous performance when it closed above the yellow line. After
crossing this level, The analyst revealed that Dogecoin surged by
more than 8,373.35% during the first market cycle. Similarly, the
meme coin skyrocketed by 18,376.25% in the second cycle.
Given these past performance and technical indicators, Potts is
confident that a similar trend could repeat for Dogecoin in this
third cycle, with the potential for a more significant move towards
the $10 target. Dogecoin Price Drops 8%, Can It Get To $10?
Amidst the bullish forecast of a Dogecoin price rally to $10, the
cryptocurrency has recently declined by more than 7.2%,
experiencing volatility with the rapid shift in market conditions
and sentiment. A rise to $10 would require Dogecoin to continue on
a significant upward momentum, driven by optimistic market
sentiment and certain bullish factors. Related Reading: This
Crypto Analyst Correctly Predicted The Bitcoin Price Rise To
$75,000, Here’s The Full Prediction A few bullish factors have been
driving the Dogecoin price towards higher levels. Excluding its
strong community support and increased wallet addresses, the
Dogecoin price has been rising steadily due to the influence of
SpaceX CEO Elon Musk and his Department of Government Efficiency
(D.O.G.E) proposal. With Musk’s D.O.G.E set to gain
endorsement from the 47th US President, Donald Trump, analysts
believe that the influence could drive Dogecoin even higher than
$10, hitting somewhere between $4 and $23 soon.
Featured image created with Dall.E, chart from Tradingview.com
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