Dogecoin’s 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 its value. 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.
Crypto trader and analyst Dima James Potts shared a bullish outlook for Dogecoin’s price, taking to the X platform to highlight several contributing factors ranging from historical performance to adoption. Despite the turbulent past, Potts maintains that DOGE is poised for another significant surge.
Potts compared the current movement of Dogecoin’s price to that of 2017 and 2020, revealing a bullish trend. Each time before Dogecoin’s price rallied, it first broke above a significant line, then closed the week above it. According to Potts, this pattern is repeating itself. On Sunday, Dogecoin once again broke above the crucial line, a move that Potts interprets as a bullish signal. The second part of this trend—a weekly close above the line—remains to be seen in the coming days.
Potts’ optimism isn’t solely based on chart patterns. He also points to increased adoption and the coin’s low price as reasons why Dogecoin could see new highs. Technological updates that enable faster transactions and enhanced security could further bolster Dogecoin’s utility and appeal. These factors combined present a compelling case for another Dogecoin rally.
Taking into account previous rallies and their outcomes, Potts notes an escalating pattern, with each rally being more significant than the last. In 2017, there was a 9,300% surge, followed by a 29,000% surge in 2020/2021. Based on this historical data, Potts believes Dogecoin’s price could experience another astronomical rally. He suggests that the bottom of this potential rally could see an 11,167% increase, setting Dogecoin’s price above $10. In an even more optimistic scenario, the coin could surge as much as 40,137%, reaching as high as $40.
The Dogecoin community, undeterred by past volatility, remains hopeful that the meme coin will achieve these new heights, fueled by both historical precedent and growing utility.