Dogecoin's recent price movements seem to be sending bullish signals, reminiscent of the 15000% surge in 2021. This time, will history repeat itself and allow Dogecoin to set new highs?
Recently, the stock market has plummeted, with over $900 billion evaporating, and Dogecoin has also dropped by 7.4%. The overall cryptocurrency market has decreased by 5.2%, and the current market cap is $2.433 trillion. Dogecoin's current price is $0.1596.
Can Dogecoin rise to $10?
Although it has dropped a bit recently, many people still have high hopes for Dogecoin. Some analysts believe that the kind of surge seen in 2021 might occur again, pushing Dogecoin to new highs.
Is Dogecoin about to surge by 15000% like in 2021 again?
Tony Severino, the research director at NewsBTC, took a close look at Dogecoin's charts and found that the two-month logarithmic moving average convergence divergence (LMACD) has shown a bullish crossover for the first time since 2021.
Also, a trader named Allen saw a golden cross on the weekly chart. He said that in 2023, Dogecoin rose from $0.069 to $0.23 based on this, an increase of 233%. If it happens again, Dogecoin could rise to $0.47.
Tony Severino also calculated that if history repeats itself, Dogecoin could rise by 8628%, bringing the price close to $10, with a market cap of $1.466 trillion. Moreover, starting from the breakout, it might take about 213 days to achieve this, which means it could happen by April 2025.
Dogecoin price prediction: Can it reach $10?
It seems that Dogecoin is facing some resistance around $0.18 and is currently in a pullback. If this resistance cannot hold, the price might fall to $0.145.
However, if resistance can hold, the price may continue to rise, reaching around $0.23, which is the current annual high point. This means the price would need to increase by 44%, or rise 60% from $0.145.
If Dogecoin falls below $0.145, it would indicate that the market is not doing well. However, in the long run, Dogecoin is still seen as bullish. If the price breaks through a certain key level, Dogecoin may officially bid farewell to the bear market.
Right now, everyone is focused on the U.S. elections. According to Polymarket data, Trump's chances of winning are relatively high. If election day indeed leads to his victory, Dogecoin's price may very well rise to an annual new high.
