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Cryptocurrency News Articles
Crypto Analyst Dima James Predicts an Explosive Price Rally for Dogecoin, Suggests It Can Reach $10
Oct 11, 2024 at 07:00 pm
Crypto analyst Dima James has predicted an explosive rice rally for the Dogecoin price. Interestingly, the analyst raised the possibility of a price surge to as high as $10
Crypto analyst Dima James has predicted an explosive price rally for Dogecoin (CRYPTO: DOGE) in the upcoming market cycle.
The analyst raised the possibility of a price surge to as high as $10, presenting an analysis to support his prediction.
Here's a breakdown of James' analysis and other analysts' predictions for Dogecoin's price:
Crypto analyst Dima James has suggested that the Dogecoin price could reach $10 in an upcoming post, highlighting the similarity between the meme coin’s current price action and that of the last cycle.
Dogecoin's daily chart shows that the current price action has seen several pullbacks toward the 0.382 Fibonacci level, just like in the previous cycle.
In the last cycle, this price movement is said to have occurred a few times just before a significant upward trend began.
The crypto analyst pointed out that the Dogecoin price is once again retesting the 0.382 Fibonacci level, suggesting that upward ascent could begin soon if history repeats itself.
This isn't the first time the analyst has suggested that the Dogecoin price can reach $10. He also previously cited historical patterns to demonstrate the potential for such a price surge.
He noted that the meme coin saw a 9,000% increase in 2017, followed by an 18,000% rise in 2021.
Based on this trend, the analyst suggested that the crypto could see an equally or more substantial price increase in 2025.
In a recent development, the analyst boldly claimed that Dogecoin will outpace Bitcoin in this market cycle.
He noted that Dogecoin has enjoyed higher price gains in each successive market cycle, while Bitcoin's price gains continue to decrease with each bull run.
Dogecoin gained over 21,000% in the 2018 bull run and increased over 54,000% in the 2021 bull run.
If this trend continues, Dogecoin's rise to $10 is plausible, considering it will have higher price gains than the two previous cycles.
Several crypto analysts have predicted an impending breakout for Dogecoin.
Crypto analyst Mikybull Crypto suggested that the Dogecoin price breakout is on the horizon in a recent X post.
The analyst stated that DOGE is at a price level that usually sparks a massive rally.
His accompanying chart showed that the meme coin could reach $1 in this market cycle.
Crypto analyst Crypto Rover also claimed that the Dogecoin price is set to “pop.”
The analyst, however, gave a more conservative prediction, as his accompanying chart indicated that the meme coin could reach $0.4 sometime next year.
Despite being the leading meme coin, Dogecoin has been one of the worst-performing coins in this market cycle.
However, Dima James stated that those underestimating DOGE in this cycle should prepare for a “rude awakening.”
At the time of writing, Dogecoin is trading at around $0.1077, down in the last 24 hours, according to data from CoinMarketCap.
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