Given the growing optimism and market resiliency in the past few weeks, major crypto assets like Dogecoin have gained notable upward traction. As a result, analysts are predicting that the next price rally of the dog-themed meme coin potentially to new all-time highs could be on the horizon.

Dogecoin To Replicate Past Parabolic Rise?

Dogecoin’s recent price action has sparked an optimistic short-term outlook from Dima James Potts, a market expert who predicts that the meme coin is gearing up for a significant parabolic move as market sentiment shifts into a promising direction. However, there is a catch.

Dima James Potts points to a crucial support level and trend seen in past performances that will serve as a catalyst for the anticipated parabolic move, setting the stage for a breakthrough that might cause the asset to hit new all-time highs.

Observing the weekly time frame, the expert highlighted that DOGE is reflecting a similar pattern with past cycles. He underlined that Dogecoin is witnessing green weeks, which highlights how DOGE’s performance historically improved following the crossing of the red and green lines, as shown in his chart.

Furthermore, he claims that a parabolic move typically begins when the meme coin crosses the weekly time frame’s yellow line in the chart. However, in order to confirm this breakout and trigger the beginning of the parabolic move up, Dogecoin must end the week above the $0.18 price level.

Drawing attention to the last two cycles, DOGE

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Author: Godspower Owie