Technical analysis shows that Dogecoin price is still on track reach modern all-time highs in this bull cycle, especially as history points to similar bullish scenarios that have occurred before. Analyzing historical cycles on Dogecoin’s monthly chart, patterns emerge which suggest a possible path to the long-awaited $10 milestone. Especially these observations present an action plan what to expect in the coming months and when the price of Dogecoin will finally exceed the $1 and $10 targets.
Historical trends highlight repeating patterns
Dogecoin’s price movements over the years have revealed a repeating pattern associated with monthly candles. According to cryptocurrency analyst Dima Potts James, who revealed her opinion on the social media platform X, Dogecoin price is currently in its third bull cycle and is on the verge of repeating the intriguing phenomenon that occurred in the last two cycles.
This intriguing trend is shown by the monthly Dogecoin candlestick chart that accompanies the analyst’s forecasts. In previous bull cycles, Dogecoin has shown noticeable gains after passing through a series of four monthly uptrending candles, referred to here as “purple candles”.
During the first cycle, DOGE was able to create four consecutive bullish candles that brought the price down from below $0.0004 to $0.003 before hitting a major resistance trend line. In the second cycle, this raise was even faster, reaching the same resistance trend line in less than four candles. However, this time Dogecoin price broke this resistance trendline before peaking at the current all-time high of $0.7316.
These consistent patterns suggest that Dogecoin’s price is heavily influenced by time cycles, and we may see a similar situation in this cycle.
The third cycle progresses with modern goals in sight
In the current situation, Dogecoin is in middle of the third bullish cycleand its monthly trajectory remains consistent with historical behavior. It is worth noting that Dogecoin price has already completed two purple bullish candles and is on the third one. Based on the established trend, DOGE appears to be on track to reach the trendline that has served as resistance in the previous two cycles.
This line, however, is not stagnant; instead it rises upwards. This means that target prices move upwards over time. If the price of Dogecoin reached this resistance trend line in December, it would trade at around $1.50.
However, the anticipated run is not expected to end there. A break of this resistance trend line would open the Dogecoin price to further increases, as it did in the last cycle. According to technical analysis, Dogecoin is likely 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
