Cryptocurrency analyst Ali Martinez predicts that the price of Dogecoin could rise significantly, leading DOGE to reach double digits. This comes as the cryptocurrency market continues to trend upward, with Dogecoin standing out as one of the top gaining coins.
The price of Dogecoin will explode and reach $18
In a post on X, Martinez predicts that the price of Dogecoin could soar by 4,500% and rise to $18. He claims that this will occur through testing the upper boundary of the channel, which targets DOGE at $2.40 or $18. Dogecoin will need to test the upper boundary to reach the $18 target, while only testing the middle boundary would raise the price to $2.40.
In a previous post on X, Ali Martinez provided a more optimistic outlook on the price of Dogecoin. He predicts that the leading meme coin could rise to $23.26 in this bull run. He claims that Dogecoin is about to increase "parabolically" and cites historical patterns to illustrate why such a parabolic surge could occur.
Based on historical patterns, the analyst stated that the potential peak could lie between the Fibonacci levels of 1.618 and 2.272, which would place the price of Dogecoin between $3.95 and $23.26. Martinez also hinted at the impact of Elon Musk on Dogecoin, as he previously stated that DOGE could reach $23 in this market cycle.
The price of Dogecoin has surged since Donald Trump's election win, partly due to the Government Efficiency Department (DOGE) proposed by Elon Musk, which will positively impact this meme coin. For your reference, Dogecoin has increased by 139% since Trump was elected.
Update on the DOGE Bull Run
Cryptocurrency analyst Master Kenobi, who accurately predicted the beginning of the Dogecoin bull run, has provided an update on what may happen next for the price of Dogecoin. He claims that DOGE could fluctuate between $0.33 and $0.40 for a while before reaching the current all-time high (ATH) of $0.73.
This analyst also further commented that there is a potential for an initial rejection, which he considers welcome. This rejection would then be followed by a consolidation phase lasting about one to two weeks, similar to previous cycles. The analyst also pointed out the possibility that the price of Dogecoin has mirrored its price action in the previous cycle.
If so, Master Kenobi remarked that this would set the price of Dogecoin up for a breakout and solidify the potential for a continued upward trend. Cryptocurrency analyst Trader Tardigrade predicts that Dogecoin could rise to $30 if it reflects its price action during the 2021 bull run.
At the time of writing, the price of Dogecoin is trading at around $0.41, up more than 48% in the past 24 hours, according to data from CoinMarketCap.