Dogecoin (DOGE) investors have been growing wary of the meme coin’s current price rut. While most assets recorded a triple-digit surge throughout the past year, DOGE saw an uptick of just 72%.
The asset was trading at $0.1085 at press time, with a 1.74% drop over the past 24 hours. Despite this, investors were given hope after an analyst outlined DOGE’s path to $10.
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Analyst Predicts DOGE’s Path to $10
According to an analyst by Ðima James Potts, DOGE is on its way to the top. Recent changes in the token’s price suggest that DOGE is approaching the bottom.
The crossing of particular technical indicators has traditionally predicted the start of a price spike in the following weeks, according to a pattern that has been discovered.
In the present cycle, this pattern is anticipated to recur, possibly as early as the first week of September.
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Looking Back At Dogecoin’s Older Patterns
The expert has also seen a cyclical trend in Dogecoin’s price hikes. The meme coin has seen significant price increases every three years. In the first cycle, the price of DOGE increased 1.5 times from the beginning of 2016.
The price was 2.5 times higher at the end of the second cycle, which was in 2020. If this pattern continues, the analyst projects that the meme coin will close in 2024 at almost $0.31, a 3.5-fold increase from its initial price of $0.09051.
Future Projections for Dogecoin
Further elaborating on the future of the OG meme coin, the analyst said,
“Based on historical patterns, DOGECOIN could experience some of its most substantial price increases in 2025. Similar to previous cycles, I anticipate a significant surge in the fourth year (2025). In the first cycle (2017), Dogecoin saw a 9000% increase, and in the second (2021), it rose by 18,000%. If this trend continues, we may witness an equally impressive, if not larger, price appreciation in the third cycle.”
While reaching $10 isn’t easy for the asset, Changelly revealed that DOGE will take time to reach this milestone. The meme coin will achieve this level only in 2040.
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Currently, 74% of DOGE’s holders are at a profit, while only 25% are drowning in losses. A further boost in the price of DOGE could put almost all its holders in the green.