- Experts think Dogecoin may witness a 10X rise on the strength of technical patterns such as MACD breakout, cup and handle formation, and past trends.
- The cup and handle formation indicates a breakout if DOGE breaks the $0.185 resistance, which could drive the price to $1.85–$2.00.
- Comparisons with the 2017 bull run in the markets suggest a potential long-term upcycle, with some experts estimating DOGE may reach $4 or more.
Dogecoin is gaining attention as analysts predict a strong bull run on the basis of strong technical indicators.
The majority of analysts are sure that the DOGE price might be due for a 10X pump on the basis of parameters such as the MACD breakout, cup and handle formation, and previous market cycles like the one witnessed in 2017.
Recently, an analysis was shared by Trader Tardigrade, which is a MACD breakout from the triangle pattern. In the past, this kind of pattern has been followed by large price rises. This is also indicated by a rounded bottom pattern, which usually indicates an impending bullish cycle.
Technical Indicators Suggest a Strong Breakout
Earlier MACD breakouts in September and March led to steep price rises, and experts feel the same might repeat. The MACD lines have crossed again, going above a significant downtrend line, reinforcing the bull story.
In addition to this, an upward curl in the price graph indicates that Dogecoin is primed for a strong move. After a recent movement by the House of Doge, the analysts are also predicting a 16% price increase, adding further confidence to DOGE’s rally.
The other technical indicator that the analysts are monitoring is the cup and handle pattern. Crypto Elites pointed out that the rounded bottom of the cup has already been formed, and the handle is beginning to form.
The pattern is normally interpreted as a continuation bullish pattern, with the breakout set to happen when the price breaks through the neckline resistance level of $0.185. In that case, Dogecoin is able to zoom off to a target area of $1.85 to $2.00, depending on the depth of the pattern.
Can DOGE Repeat the 2017 Bull Cycle?
Adding to the optimism, analyst KrissPax pointed out that there are similarities between the present Dogecoin market cycle and the 2017 bull run. Comparing the charts, KrissPax showed that the current price action of DOGE is closely following its action before the massive blow-up in 2017.
If history is to repeat itself, then Dogecoin might reach $4 during its next major blow-up. While this is a long-term forecast, it is consistent with what has occurred in the past, and it contributes to the optimism that DOGE can reach new highs.
A recent analysis also supported the same perspective, saying that if DOGE crosses the $0.18 resistance level, it may initiate a huge rally. There are even speculations by analysts that in a robust bullish situation, the price may touch as much as $20.
Though all such predictions are still in the realm of speculation, the increasing momentum as well as past trends indicate that Dogecoin may be gearing up for a significant price action.
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