Technical analysis shows that Dogecoin price is still on the road reach new all-time highs in this bull cycle, especially when history points to similar bullish scenarios that have played out before. By analyzing the historical cycles on the Dogecoin monthly chart, patterns emerge that suggest a possible path towards the long-awaited $10 milestone. In particular, these observations provide a roadmap to find out what to expect in the coming months and when Dogecoin price will finally surpass the $1 and $10 targets.
Historical trends highlight recurring patterns
Dogecoin’s price movements over the years have revealed a recurring pattern linked to its monthly candles. According to cryptanalyst Dima Potts James, who revealed his opinion On social media platform
This interesting trend is revealed through a Dogecoin monthly candlestick chart that accompanies the analyst’s perspective. In previous bull cycles, Dogecoin showed notable increases after advancing through a series of four bullish-trending monthly candles, referred to 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 trend line. In the second cycle, this rise was even faster, reaching the same resistance trend line in less than four candles. However, this time, Dogecoin price broke this resistance trend line before reaching its current all-time high of $0.7316.
These consistent patterns suggest that Dogecoin price is heavily influenced by time-based cycles, and we could see a similar evolution in this cycle.
The third cycle advances with new objectives in sight
As it stands, Dogecoin is in the half of its third bullish cycleand its monthly trajectory remains aligned with historical behavior. Notably, Dogecoin price has already completed two bullish purple candles and is on the third. Based on the established trend, DOGE appears to be on track to reach the trend line that served as resistance in the previous two cycles.
This line, however, is not static; instead, it tilts upward. This means that price targets increase over time. If Dogecoin price were to reach this resistance trend line in December, the price would settle around $1.50.
However, the projected career is not expected to stop here. Breaking above this resistance trendline would open Dogecoin price to further increases, as was the case in the last cycle. According to technical analysis, Dogecoin is likely to reach $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
