Crypto analyst Dima James Potts predicts a significant upward move for Dogecoin as it approaches a critical weekly close. The question remains if Dogecoin can close the weekly candle above a yellow line acting as a key resistance level. Success could lead to a breakout toward $10, marking a historic high.
Based on technical patterns observed in past cycles, Potts suggests that the Dogecoin weekly chart often helps decipher its performance. Highlighting green and red lines on the chart, he notes their cross often triggers a positive weekly performance for Dogecoin, potentially heralding an upward price momentum.
Interestingly, a recurring pattern formation involves a 'Yellow Line' acting as crucial resistance. Potts suggests that closing the week above $0.18 may confirm a breakout, starting a parabolic move. Historically, Dogecoin surged after crossing this level by over 8,373% in one cycle and 18,376% in another.
Despite a recent 8% drop, the forecast remains bullish, requiring significant momentum driven by market sentiment and bullish factors. Factors such as Elon Musk's influence and his D.O.G.E proposal might push Dogecoin past $10, potentially hitting between $4 and $23.
