Crypto analyst Dima James has predicted an explosive rice rally Dogecoin price. Interestingly, the analyst raised the possibility of a price increase as high as $10 and provided analysis to show why this is possible.
Can Dogecoin Price Reach $10?
Dima James suggested in an X post that Dogecoin price could reach $10 while highlighting the similarity between the meme coin’s current price action and that of the last cycle. The daily chart of Dogecoin shows that the current price action has witnessed several pullbacks towards the 0.382 Fibonacci level, just like in the previous cycle.
In the last cycle, this price movement would have occurred a few times just before a significant uptrend started. The crypto analyst revealed that the Dogecoin price retest the Fibonacci level of 0.382. He added that this could mean the upward surge would have to start soon if history repeats itself.
This is not the first time the analyst has suggested that the Dogecoin price could reach $10. He also quoted earlier historical patterns to prove that this price increase is possible. He noted that the meme coin saw a 9,000% increase in 2017, while in 2021 it rose 18,000%. In line with this, he claimed that the crypto could see another equally if not greater price increase in 2025 if this trend continues.
Meanwhile, the analyst has recently made this strong claim Dogecoin will outperform Bitcoin in this market cycle. He noted that Dogecoin has enjoyed higher price gains in each successive market cycle, unlike Bitcoin, whose price gains continue to decline with each bull run.
Dogecoin price rose over 21,000% during the 2018 bull run and rose over 54,000% during the 2021 bull run. If this trend continues, Dogecoin’s rise to $10 is likely given that price increases are larger will be than in the two previous cycles.
The price breakout is imminent
Crypto analysts like Mikybull Crypto have suggested that the Dogecoin price breakout is just around the corner. In a recent X post, the analyst stated that DOGE is at a level that usually leads to a huge rally. His accompanying chart showed that the meme coin could reach $1 in this market cycle.
Crypto analyst Crypto Rover also claimed that the Dogecoin price is ready to ‘pop’. However, the analyst gave a more conservative forecast as his guidance showed the meme coin could reach $0.4 sometime next year.
Despite being the top meme currency, Dogecoin is among the least performing coins in this market cycle. However, Dima James stated that those who underestimate DOGE in this cycle should prepare for a “rude awakening.”
At the time of writing, Dogecoin is trading around $0.1077, down in the past 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com