The Dogecoin price is once again gearing up for a significant move to the upside. In a recent price analysis of current price movement and previous price action, an analyst suggested Dogecoin is on track to repeat another parabolic run, potentially sending its price skyrocketing to $10.

Dogecoin Price Exhibiting Parabolic Pattern

Recent Dogecoin price movements have put the meme coin back in the spotlight, with a noticeable breakout over the past few days. The meme coin’s price increased to hit $0.129, its highest price point so far in October. This rally has allowed Dogecoin to outpace many other large market cap cryptocurrencies in both daily and weekly performance.

According to a price analysis posted on social media platform X, Dima James Potts noted that this recent breakout resembles the initial stages of Dogecoin’s parabolic breakout move in 2021. 

The daily candlestick timeframe chart shows the Dogecoin price broke above the upper trendline (yellow line) of a falling wedge in September. After briefly retesting this level during the first two weeks of October, it has since begun another upward climb. As Dima James Potts pointed out, this back-and-forth movement is similar to Dogecoin’s price action in January 2021 before it went on a parabolic run throughout the rest of the year until it peaked at its current all-time high of $0.7316.

Back then, the Dogecoin price broke above the upper trendline of a similar falling wedge on the daily candlestick timeframe chart, retested it, and then continued pushing up. If history were to repeat itself, this would lead to monumental gains for the Dogecoin price in the coming months.