This was revealed by a cryptocurrency analyst Dogecoin price may be gearing up for a significant move higher as it approaches a critical weekly close. The question arises whether Dogecoin can close the weekly candle above the yellow line. The analyst believes that this line represents a critical resistance level for Dogecoin price predicted a breakout to $10 if Dogecoin can successfully close above it.

Dogecoin breaks $10 above key level

Dima cryptocurrency analyst James Potts shared modern Dogecoin price analysis via X (formerly Twitter), anticipation that the number one meme coin could rise to $10, which would be a historic high. Based on technical patterns observed in previous cycles, Potts revealed that Dogecoin’s weekly chart was often used to decipher Dogecoin results.

He referred to the green and red lines on Dogecoin’s weekly chart, emphasizing that historically, when these lines intersect in a certain way, it usually results in positive or “green” weekly performance of Dogecoin. Potts revealed that Dogecoin price movement shows the same pattern in the current cycle, suggesting the potential for price increases.

What’s compelling is this repetitive pattern formation it also includes the “yellow line” which appears to act as a critical resistance level for Dogecoin. According to Potts, when Dogecoin can rise above this line on the weekly chart, it often leads to: parabolic upward movement.

With this in mind, the analyst suggested that if Dogecoin closes the week above $0.18, it could confirm a breakout and the beginning of this historically occurring “parabolic move”.

To further support its growth Dogecoin price forecastPotts shared Dogecoin’s early performance as it closed above the yellow line. After surpassing this level, the analyst revealed that Dogecoin rose by over 8,373.35% in the first market cycle. Similarly, the meme coin skyrocketed by 18,376.25% in the second cycle.

Given these previous results i technical indicatorsPotts believes a similar trend could happen again Dogecoin in the third cyclewith the potential for a more significant move towards the $10 target.

Dogecoin price drops by 8%, can it reach $10?

Among the bullish forecasts a Dogecoin price rally to $10, the cryptocurrency recently fell by more than 7.2%, experiencing volatility as market conditions and sentiment rapidly changed. A rise to $10 would require Dogecoin to continue its course significant growth impulsedriven by positive market sentiment and some bullish factors.

Several bullish factors driving the price of Dogecoin towards higher levels. Excluding mighty community support and increased wallet addressesDogecoin’s price continues to rise thanks to the influence of SpaceX CEO Elon Musk and his Department of Government Efficiency (DOGE) proposal.

WITH DOGE Muska analysts believe that he will gain the support of the 47th US president, Donald Trump the impact could take Dogecoin even higher than $10 and will soon reach between $4 and $23.

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