Here’s Why The Dogecoin Price Can Reach $10 This Cycle

Dogecoin ($DOGE) has been demonstrating strong upward momentum in recent weeks, with technical indicators showing that it is poised to reach new price levels. Currently, the crypto has exited the oversold zone and is approaching the overbought territory. 

According to chart analysis, Dogecoin price could target the $8 to $10 range in the near future. Despite recent market pullbacks, the cryptocurrency’s long-term outlook appears bullish, and several factors suggest a potential surge as high as $10 in the current market cycle. 

Why Dogecoin Is Poised for a $10 Price Target in the Current Market Cycle

According to recent price action, the Dogecoin price has been gradually moving out of the oversold zone, a typical sign of a potential rally. The momentum indicates that the next price phase could push Dogecoin toward the $8 to $10 range. 

More so, with the growing market confidence surrounding top meme coins, many analysts believe this crypto rally could reach new heights. This could signal a short-term bullish trend before any potential corrections or consolidations.

The chart analysis reveals that Dogecoin price has the potential to test higher levels. Moving out of the oversold zone means that DOGE has likely gathered enough strength to enter a new bull phase. Historical patterns show that once a cryptocurrency leaves the oversold area, it typically heads towards the overbought zone, with the $8 to $10 range acting as a key target. 

Source: X

Additionally, there has been noteworthy activity from long-term holders, including the recent reawakening of an ancient Dogecoin whale. This address, which held 870,000 DOGE for over 11 years, recently moved its tokens, realizing a 64,249% return on investment. 

While this large transaction did not significantly impact price, it signals the reactivation of dormant wallets, indicating confidence in the current market conditions. Larger DOGE investors have been accumulating tokens, expecting the crypto rally to push prices higher soon.

The Impact of Accumulation on Future Price Growth

Despite some minor pullbacks, the accumulation of Dogecoin by large investors reflects an optimistic outlook. Recent data shows that large wallets have been buying up significant amounts of DOGE, particularly after price dips. 

For example, in the past month alone, whales have accumulated over 550 million DOGE. These accumulations suggest that despite the market’s current challenges, investors are positioning themselves for a future surge.

Analysts are forecasting that Dogecoin price may soon see a breakout beyond its current levels. After consolidating around the $0.60 mark, DOGE price could continue its upward movement to targets of $0.93 and even $1.05.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.