Technical analysis shows that the price of Dogecoin is always on the right track to reach new all-time highs during this bull cycle, especially with history pointing to similar bullish scenarios that have occurred before. By analyzing historical cycles on Dogecoin’s monthly chart, patterns emerge which suggest a possible path to the much-anticipated $10 milestone. In particular, these observations provide a roadmap to know what to expect in the coming months and when the Dogecoin price will eventually surpass the $1 and $10 targets.
Historical trends highlight recurring patterns
Dogecoin’s price movements over the years have revealed a recurring pattern linked to its monthly candles. According to crypto analyst Dima Potts James, who revealed his opinion on social media platform
This interesting trend is revealed through a monthly Dogecoin candlestick chart that accompanies the analyst’s outlook. During previous bull cycles, Dogecoin exhibited notable surges after progressing through a series of four monthly upward-trending candles, referred to here as “purple candles.”
During the first cycle, DOGE managed to create four successive bullish candles that took its price from below $0.0004 to $0.003 before encountering a major resistance trendline. During the second cycle, this rise was even faster, reaching the same resistance trendline in less than four candles. However, this time Dogecoin price broke through this resistance trendline before peaking at its current all-time high of $0.7316.
These consistent patterns suggest that the price of Dogecoin is heavily influenced by time cycles, and we could see a similar development in this cycle.
The third cycle progresses with new objectives in sight
As it stands, Dogecoin is in the middle of its third bull cycleand its monthly trajectory remains aligned with historical behavior. Notably, Dogecoin price has already completed two purple bullish candles and is on its third. Based on the established trend, DOGE appears poised to reach the trendline that served as resistance during the previous two cycles.
This line is not static, however; instead, it tilts upward. This means that price targets move upward over time. If Dogecoin price were to encounter this resistance trendline in December, it would place the price around $1.50.
However, the planned course should not end there. Breaking this resistance trendline would open Dogecoin price to further increases, much like it did during the last cycle. According to technical analysis, Dogecoin is expected to reach $10 in 2025.
At the time of writing, Dogecoin is trading at $0.454.
Featured image created with Dall.E, chart from Tradingview.com
