New Dogecoin price analysis suggests that this top meme coin could rise to a new high 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 has its sights set on the $10 target
On January 11, Potts published a chart comparing three different cycles of Dogecoin price action. The analyst predicts that the Dogecoin price could rise to $10 if it follows historical uptrends observed in previous cycles. The analyst’s forecast is based on the 4-year cycle theory, a term characterized by Bitcoin’s planned halving eventswhich reduce miners’ block rewards by 50%.
Potts revealed that Dogecoin’s bullish action During each cycle, a rise occurred after the technical indicators – “the green and red trend lines” – crossed each other. In Cycle 1, in the early phase of Dogecoin market development between December 15, 2015 and December 26, 2016, the analyst reported a massive increase of 9,404% to $0.01 after the green and red trend line crossed.
In the second cycle, which occurred years later, between December 2019 and December 7, 2020, the analyst revealed that Dogecoin saw another significant increase of 29,626% to $0.5 after crossing the trend lines. This significant price increase represents exponential growth compared to the first cycle.
The crypto market is in the fourth year of Cycle 3 and Potts expects more to come parabolic growth in 2025 based on similar trend patterns. He predicts that Dogecoin will experience an 11,049% increase in 2025, a significant increase from its current market value of $0.32 to $10 All-time high.
The analyst gave a straight line in the chart larger price target for Dogecoin this year. He noted 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 Dogecoin’s bullish price rise this cycle is being driven by technological advancements global acceptance the top meme coin. He also noted that Dogecoin’s performance has historically peaked in the fourth year of each cycle. Therefore, he believes this current cycle would see similarly significant growth.
DOGE price action update
Dogecoin is currently trading at $0.32 after registering a massive 20.25% increase Price drop in the last month. At the beginning of January, the cryptocurrency appeared to be rising significantly due to the accumulation of whales increasing investor demand for the meme coin.
Since its last surge, Dogecoin has seen a decline, falling 15% in the last seven days and another 3.89% in the last 24 hours. Despite this downward trend, analysts remain optimistic the future price development of the meme coin.
In particular, Mr. Crypto, an analyst for X, specified that Dogecoin is currently in its final phase of consolidation before a “parabolic breakout.” The analyst believes that Dogecoin could see a massive price increase to $1.5 after this consolidation ends.
Featured image created with Dall.E, chart from Tradingview.com