New Dogecoin price analysis suggests that this top coin could reach a new ATH of $10. A crypto market expert, Dima James Potts, attributes this prediction to 4-year cycle theorywhich illustrates parabolic growth during each major cycle.
Dogecoin price aims for $10 target
January 11, Potts common a chart comparing three distinct cycles of Dogecoin price action. The analyst predicts that the Dogecoin Price Could Skyrocket to $10 if it follows the historical upward trends observed in previous cycles. The analyst’s forecasts are based on the theory of the 4-year cycle, a term characterized by Halving Events Planned for Bitcoinwhich reduce block miner rewards by 50%.
Potts revealed that Dogecoin’s Bullish Action during each cycle occurred after technical indicators – “the green and red trend lines” – crossed. During cycle 1, at the start of the Dogecoin market performance between December 15, 2015 and December 26, 2016, the analyst reported a massive increase of 9,404% to $0.01 following the crossing of the green trend lines and red.
During cycle 2, which took place years later, between December 2019 and December 7, 2020, the analyst revealed that Dogecoin saw another substantial rise of 29,626% to $0.5 after crossing the lines trend. This considerable price spike represents exponential growth compared to the first cycle.
The crypto market is in the fourth year of cycle 3 and Potts predicts greater parabolic growth in 2025 based on similar trends. He predicts that Dogecoin will see an increase of 11,049% in 2025, marking a substantial increase from its current market value of $0.32 to $10. record level.
In the chart, the analyst issued the same Broader Price Target for Dogecoin This year. He indicated that after a possible rise to the $10 target, Dogecoin could see another massive increase of 40.037% to reach a price level between $30.5 and $38.5.
Potts mentioned that during this cycle, the bullish rise in Dogecoin prices will be driven by technological advancements and global adoption of the best coin. He also noted that historically, Dogecoin’s performance was highest in the fourth year of each cycle. As a result, he estimates that the current cycle would see similar substantial growth.
Update on DOGE price action
Dogecoin is currently trading at $0.32 after seeing a massive 20.25% rise falling prices over the past month. Earlier in January, the cryptocurrency appeared to be rising significantly, driven by whale accumulation and growing demand from investors for the same piece.
Since its previous surge, Dogecoin has seen a pullback, falling 15% over the past seven days and a further 3.89% over the past 24 hours. Despite this bearish performance, analysts remain optimistic about the future price trajectory of the coin itself.
In particular, Mister Crypto, analyst on declared that Dogecoin is currently in its final consolidation phase before a “parabolic takeoff”. The analyst suggests that Dogecoin could see a massive price rise up to $1.5 once this consolidation is complete.
Featured image created with Dall.E, chart from Tradingview.com