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Crypto analyst DOGECAPITAL has highlighted a Bitcoin-like pattern on the Dogecoin chart, which could trigger a parabolic rally. Based on his analysis, this rally could send the DOGE price above $10, marking a new all-time high (ATH) for the top meme coin.
The Bitcoin Historical Pattern Which Could Send Dogecoin Above $10
In an X post, DOGECAPITAL predicted that the Dogecoin price could rally above $10. He alluded to the weekly chart and compared the historical price cycles of Bitcoin and DOGE, while pointing out what tends to happen when BTC closes a weekly candle at all-time highs (ATHs). In the first cycle, which was in 2017, DOGE surged and achieved a 94x gain in the following months after BTC closed the week at its ATH.
In the second cycle, which was in 2020, Dogecoin witnessed a more explosive 190x rally in the following months after Bitcoin closed the week at new all-time highs. Meanwhile, again in the third cycle this year, BTC is currently trading around its ATHs. However, it needs to confirm a weekly close above this level to validate a DOGE breakout.
Based on history, DOGECAPITAL noted that this could set the stage for Dogecoin to “dramatically” outperform Bitcoin again. DOGE could also surpass its gains in previous cycles. The analyst’s accompanying chart showed that the meme coin could even rally to as high as $69 on this explosive move.
The analyst urged market participants to watch the weekly close as the last two times Bitcoin confirmed new highs, Dogecoin didn’t just surge but “launched.” In the short term, crypto analyst Ali Martinez indicated that the foremost meme coin could rally to $0.31. In an X post, he stated that DOGE appears to be breaking out of a bull pennant, which points to this target.
DOGE’s Uptrend Is Still Strong
In an X post, crypto analyst Trader Tardigrade stated that Dogecoin’s uptrend remains pretty much solid. His accompanying chart showed that the meme coin still has enough room to rally to the much-anticipated $1 price level. In another analysis, the analyst stated that DOGE will likely break the recent high at $0.25.
Meanwhile, crypto analyst Master Kenobi stated that his short-term roadmap for Dogecoin is going according to plan so far. His chart showed that he expects the meme coin to consolidate in this range for 17 days before it then breaks out and rallies to $0.75 sometime in June. This will mark a new ATH for the DOGE price, with its current all-time high at $0.73.
At the time of writing, the Dogecoin price is trading at around $0.2286, down over 6% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from TradingView
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.
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