The DOGE community, which has remained devoted to the meme despite various crashes that have rocked the price, has long expected Dogecoin to reach as high as $10. Even with Dogecoin trading more than 85% below its all-time high of $0.73 in May 2021, expectations for the meme coin’s performance are still very high. Based on historical performance, DOGE’s price usually has a chance to skyrocket and it seems like another window is finally opening.

Bullish thesis for Dogecoin

Cryptocurrency trader and analyst Dima James Potts chose the X platform participation Dogecoin price bullish outlook. The analyst’s forecast takes into account a number of factors, ranging from historical performance to adoption. Nevertheless, the end result remains the same, namely the fact that The price of DOGE may raise.

Potts compared Dogecoin’s current price movement to 2017 and 2020 to discover the bullish trend. As the analyst explains, every time before the price of Dogecoin increasedit broke above the white line and then closed the week above it as shown in the image below:

Every time this happened DOG price started a parabolic run and now the Dogecoin price has broken above the white line again. According to the analyst, this is a price raise that is confirmation. However, the second part of this trend has not yet been completed, namely closing the week above the white line. Since the breakout occurred on Sunday, the DOGE price still has the rest of the week to complete the move.

However, the breakout is not the only reason why Potts is bullish on Dogecoin’s price. He also points to increased adoption and low price as reasons why the price could rise to novel highs. The analyst believes that with more technology updates ensuring faster transactions and higher levels of security, “this could further increase Dogecoin’s usefulness and attractiveness.”

Possible raise of 11,000%?

Taking into account Dogecoin’s previous increases and as they proceeded, the analyst noted that each raise was more crucial than the previous one. For example, in 2017 there was an raise of 9,300% and in 2020/2021 by 29,000%. Considering this, the analyst believes that DOGE price may also see a significant raise this time.

The bottom of the rally is around 11.167%, which would mean a price above $10. Meanwhile, Dogecoin’s rally tops at 40.137%, which means DOGE’s price is as high as $40.

Featured image created with Dall.E, chart from Tradingview.com