A crypto analyst has identified a new technical indicator in the Dogecoin price chart called the Inverse Head and Shoulders pattern,” believing it could be a strong signal for a bullish surge. Based on this technical pattern and Dogecoin’s recent market momentum, the analyst has set a new bullish target of $10 for the number one meme coin.   

Dogecoin Price Rally To $10 Incoming

In an X (formerly Twitter) post on November 10, a crypto analyst, Dima James Potts, discussed the emergence of the Inverse Head and Shoulders pattern on the Dogecoin price chart, highlighting a potential for a significant rally to $10. The analyst shares that he is partial to this unique chart pattern, as it often precedes or signals the onset of a major bull run.

The Inverse Head and Shoulders pattern is a standard chart formation that typically highlights a potential trend reversal. This technical chart can indicate a shift from a bearish to a bullish trend, suggesting the end of a significant downward trend. 

According to Potts, in every cycle that the Dogecoin price chart has formed an Inverse Head and Shoulders pattern, it has experienced a massive rally. He supported his statement by highlighting Dogecoin’s historical price movements, where the cryptocurrency went up by over 3,364% in the first cycle after

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Author: Scott Matherson