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Technical analysis shows that the Dogecoin price is still on track to reach new all-time highs this bull cycle, especially with history pointing to similar bullish scenarios that have played out before. By analyzing historical cycles on Dogecoin’s monthly chart, patterns emerge that suggest a possible path toward the much-anticipated $10 milestone. Notably, these observations provide a roadmap for what to expect in the months ahead and when the Dogecoin price will eventually breach both the $1 and $10 targets.
Historical Trends Highlight Recurring Patterns
The Dogecoin price movements over the years have revealed a recurring pattern tied to its monthly candles. According to crypto analyst Dima Potts James, who revealed their opinion on social media platform X, the Dogecoin price is currently in its third bull cycle and is on the verge of repeating an interesting phenomenon that occurred in the last two cycles.
This interesting trend is revealed through a Dogecoin monthly candlestick chart that accompanies the analyst’s outlook. In previous bullish cycles, Dogecoin exhibited notable surges after progressing through a series of four upward-trending monthly candles, denoted here as “purple candles.”
During the first cycle, DOGE was able to create four successive bullish candles that took its price from below $0.0004 to $0.003 before encountering a major resistance trendline. In the second cycle, this ascent was even quicker, reaching the same resistance trendline within less than four candles. However, this time, the Dogecoin price broke through this resistance trendline before peaking at its current all-time high of $0.7316.
These consistent patterns suggest that Dogecoin’s price is heavily influenced by time-based cycles, and we could see a similar playout in this cycle.
Third Cycle Progresses With New Targets In Sight
As it stands, Dogecoin is in the middle of its third bullish cycle, and its monthly trajectory remains aligned with historical behavior. Notably, the Dogecoin price has already completed two purple bullish candles and is on the third one. Based on the established trend, DOGE appears on track to reach the trendline that served as a resistance in the two previous cycles.
This line, however, is not static; instead, it slopes upwards. This means that that price targets shift upward with time. If the Dogecoin price were to meet this resistance trendline in December, it would put the price around $1.50.
However, the projected run isn’t expected to stop here. Breaking above this resistance trendline would open the Dogecoin price to more increases ,much like it did in the last cycle. According to the technical analysis, Dogecoin is likely to reach as high as $10 sometime in 2025.
At the time of writing, Dogecoin is trading at $0.454.
Featured image created with Dall.E, chart from Tradingview.com
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