Dogecoin Eyes $10 Breakout Above Key Level

Crypto analyst Dima James Potts has shared a new Dogecoin price analysis via X (formerly Twitter), predicting that the number one meme coin could rise to $10

A crypto analyst has predicted that Dogecoin could be set for a breakout to $10 if it manages to close the weekly candle above a critical level.

The analyst, known as Dima James Potts, shared his analysis on X (formerly Twitter), posting a chart of Dogecoin on a logarithmic scale.

According to Potts, the meme coin has been making a formation on the weekly chart that could lead to a breakout to $10. He explained that there are three types of lines on the Dogecoin weekly chart: red, green, and yellow.

When the red and green lines cross in a particular way, it usually results in a “green” or positive weekly performance for Dogecoin. Potts highlighted that this pattern is currently unfolding, indicating potential for upward price momentum.

However, a critical aspect of this formation is the “Yellow Line,” which seems to act as a resistance level for Dogecoin. If Dogecoin manages to close the week above this line on the weekly chart, it usually leads to a parabolic upward move.

To further illustrate his point, Potts highlighted Dogecoin’s past performance when it closed above the yellow line on the weekly chart. According to the analyst, Dogecoin surged by over 8,373.35% in the first market cycle after crossing this level.

In the second cycle, the meme coin soared by 18,376.25%. Based on these past trends and technical indicators, Potts believes that a similar pattern could emerge in the third cycle, hinting at a potential for a more significant move towards the $10 target.

This prediction comes as Dogecoin has seen a recent decline of over 7.2%, experiencing volatility with the rapid shift in market conditions and sentiment. A rise to $10 would require Dogecoin to continue on a significant upward momentum, driven by optimistic market sentiment and certain bullish factors.