Crypto analyst Ali has shared an ambitious price prediction for Dogecoin (DOGE), targeting a range of $2.40 to $23.26. The forecast comes as DOGE trades around $0.3938. As of publication, the meme coin is up 5.04% in 24 hours despite being down 2.51% for the week.
According to Ali, large DOGE holders have accumulated millions of tokens, marking a shift in market dynamics. The increase in whale activity coincides with growing interest from retail investors, indicating broader participation in the market across different investor segments.
The price action has yet to reach overbought territory, even after a 360% increase. According to Ali's analysis, this technical indicator leaves room for potential upside momentum.
DOGE Technical Analysis Points to Multiple Price Targets
Ali’s analysis identified a parallel channel pattern dominating DOGE’s price action. The pattern suggests two key price levels – $2.40 at the lower boundary of the channel and $18 at the upper boundary. These targets align with historical Fibonacci retracement levels of $3.95 and $23.26.
Market data from CoinGecko shows active trading, with DOGE recording a 24-hour trading volume exceeding $10.5 billion. The significant trading activity reflects strong market engagement with the meme token.
Volatility Warning and Short-Term Outlook
Traders should prepare for price volatility, as historical data shows corrections ranging from 40% to 84% in previous bull runs in 2017 and 2021. Crypto analyst Bluntz suggests a measured approach, predicting a gradual price increase over several days.
Bluntz’s analysis suggests that this steady rally could set the stage for another parabolic rally over the weekend. The measured outlook contrasts with more aggressive price targets, providing traders with different perspectives on DOGE’s potential trajectory.
The current market structure bears similarities to previous bull cycles, although past performance is no guarantee of future results. Volume and price action continue to show strong market interest in meme coins.
