Bitcoin-like Pattern on Dogecoin Chart Could Trigger a Parabolic Rally, Sending DOGE Price Above $10

Crypto analyst DOGECAPITAL has highlighted a Bitcoin-like pattern on the Dogecoin chart, which could trigger a parabolic rally.

Crypto analyst DOGECAPITAL has highlighted a Bitcoin-like pattern which could trigger a parabolic rally for Dogecoin. According to his analysis, this rally could send the top meme coin price above $10.

Bitcoin Historical Pattern Which Could Send Dogecoin Above $10

In an X post, DOGECAPITAL predicted that the Dogecoin price could rally above $10. He alluded to the weekly chart and compared the historical price cycles of Bitcoin and DOGE, while pointing out what tends to happen when BTC closes a weekly candle at all-time highs (ATHs). In the first cycle, which was in 2017, DOGE surged and achieved a 94x gain in the following months after BTC closed the week at its ATH.

In the second cycle, which was in 2020, Dogecoin witnessed a more explosive 190x rally in the following months after Bitcoin closed the week at new all-time highs. Meanwhile, again in the third cycle this year, BTC is currently trading around its ATHs. However, it needs to confirm a weekly close above this level to validate a DOGE breakout.

According to history, this could stage Dogecoin to “dramatically” outperform Bitcoin again. DOGE could also surpass its gains in previous cycles. The analyst’s accompanying chart showed that the meme coin could even rally to as high as $69 on this explosive move.

“The last two times Bitcoin closed above prior all-time highs, Dogecoin went on an insane run. Not just a pump, a launch. Keep an eye on that weekly candle.”

Bitcoin setting up for another ATH hunt. 👀

Last 3 times BTC closed above prior ATH on the weekly, DOGE went on a 94x, 190x and 74x rally respectively in the following months.

Could this time be even bigger with BTC at new all-time highs and set to confirm above $70k? 🤔

Dogecoin could 10x from here. $10 DOGE in 2024?

pic.twitter.com/R8jH6uZ84Z

— DOGECAPITAL (@DOGECAPITAL) August 27, 2023

In the short term, crypto analyst Ali Martinez indicated that the foremost meme coin could rally to $0.31. In an X post, he stated that DOGE appears to be breaking out of a bull pennant, which points to this target.

Dogecoin’s Uptrend Is Still Strong

In an X post, crypto analyst Trader Tardigrade stated that Dogecoin’s uptrend remains pretty much solid. His accompanying chart showed that the meme coin still has enough room to rally to the much-anticipated $1 price level.

Dogecoin's uptrend remains pretty much solid.

Still a long way to go to reach $1 but it has enough room to continue rising.

The yellow box shows the breakout point from the 3-year downtrend.

Dogecoin recovered fully from the recent market crash.

Unbelievable. 🐶🚀#Dogecoin #Cryptocurrency pic.twitter.com/iB4I8yQ786

— Trader Tardigrade (@TraderTardigrade) August 27, 2023

In another analysis, the analyst stated that DOGE will likely break the recent high at $0.25.

Meanwhile, crypto analyst Master Kenobi stated that his short-term roadmap for Dogecoin is going according to plan so far. His chart showed that he expects the meme coin to consolidate in this range for 17 days before it then breaks out and rallies to $0.75 sometime in June. This will mark a new ATH for the DOGE price, with its current all-time high at $0.73.

At the time of writing, the Dogecoin price is trading at around $0.2286, down over 6% in the last 24 hours, according to data from CoinMarketCap.