Recurring Pattern Shows Dogecoin (DOGE) Price Could Spike Above $10 This Cycle

Technical analysis is usually carried out by following patterns that an asset or trading instrument has exhibited over time. These have proven helpful over the years

Dogecoin (CRYPTO: DOGE) price has been surging lately, and some technical analysis suggests that the meme coin could rally past the $10 level this cycle.

What Happened: A chart analysis by Dima James Potts shows that Dogecoin has been following a predictable price movement from a broader perspective over the years.

Potts, who has over 190K followers on Twitter, highlighted the formation of an Inverse Head and Shoulders pattern, which he considers his preferred trading setup.

“This is the pattern I have traded the most successfully in my entire career,” said Potts.

In previous cycles, Dogecoin has formed this pattern before experiencing substantial rallies, according to Potts.

“In the first cycle, the price surged by over 3,364% after closing the week above a key resistance level (marked by a yellow line),” said Potts.

The second cycle saw an even more impressive rise of approximately 12,189%, according to Potts.

“Whenever Doge has broken above this weekly resistance, it has triggered a parabolic breakout,” said Potts.

Dogecoin is on the verge of breaking above this level again, as shown in the chart analysis by Potts.

“A successful breakout could see DOGE spike toward the top of the channel where it had spiked in the past,” said Potts.

“In this case, we could see a spike as high as $30.”

Potts noted that he is personally long Dogecoin from lower levels and is targeting the $10 zone, which could be reached by the end of the cycle.

DOGE price is up 1.1% over the last 24 hours and is trading at $0.131 at the time of writing.