In the midst of the market downturn, cryptocurrency analyst DOGECAPITAL has clarified the reasons why the anticipated Dogecoin price surge to $10 is still on track. The analyst highlighted multiple developments that support this optimistic view for the leading meme currency.
Reasons The Dogecoin Price Can Still Surge To $10
In an X post, DOGECAPITAL elaborated on his conviction that the Dogecoin price will indeed rise to $10 and perhaps beyond in this market cycle. Referring to DOGE’s daily chart, he initially mentioned that the indicator at the upper part of his accompanying chart has reliably indicated the peaks of Dogecoin’s cycles, which are denoted by the red vertical lines featuring the “never miss zone” on the wave indicator.
In addition, the cryptocurrency analyst noted that this same indicator corresponds with the 1442-day theory, proposing that the Dogecoin price concludes each cycle and reaches its ultimate peak during the fourth year of the cycle. He further asserted that the parallel channel theory has successfully forecasted the final cycle peak by reaching the line just above the red line (in his accompanying chart) during the 2017 and 2021 cycles.
Currently, the Dogecoin price has been experiencing a downtrend, falling from its recent high of around $0.46 in December 2024 to the $0.2 range. Nevertheless, DOGECAPITAL suggested that this price drop was not unusual. He asserted that the primary meme coin has historically reached this level prior to entering phase 2 of its parabolic upward trajectory.
The cryptocurrency analyst contended that phase 2 typically culminates when the price touches the same parallel line. His accompanying chart illustrated that the lower boundary of the channel is positioned at the $4 target. He believes that Dogecoin will replicate this pattern, resulting in a significant correction after phase 2, akin to previous cycles, before transitioning to phase 3, which would denote the ultimate stage of the cycle.
DOGE Can Achieve As Much As $45 In Phase 3
DOGECAPITAL forecasted that the Dogecoin price could ascend to as high as $45 in phase 3 of the bullish cycle. He noted that in phase 3, the peak price of each cycle reaches the line just above the parallel line, indicating the cycle’s exact apex. According to him, this line is set at $45 and progressively increases over time.
Furthermore, the analyst claimed that if history is any guide, the timing of the Dogecoin price reaching this line will dictate when this cycle’s final peak is realized. DOGECAPITAL anticipates that Dogecoin will perform comparably or possibly surpass its previous fourth-cycle performances. He added that this expectation is based on elements such as technological progress, increasing global adoption, and rising institutional interest.
At the moment of writing, the Dogecoin price trades at approximately $0.21, having declined over 9% in the past 24 hours, as per data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com