Leading analyst Ali Martinez predicts Dogecoin could rise 4443% to $18, citing an ascending price channel amid the ongoing hype surrounding $DOGE
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Dogecoin (DOGE) continues to attract significant attention as the bullish growth in the #cryptocurrencymarket continues with no signs of slowing down. Dogecoin is up 53% today alone, rising from a low of $0.2846 to a high of $0.4359.
Notably, the king of memes was last seen at these price levels during the previous bull run in 2021.
Just nine days ago, Dogecoin was trading at just $0.1428. Since then, it has risen 205% in less than two weeks. On a monthly timeframe, DOGE is up 330%, rising from $0.1015.
Amid this unexpected turnaround, analysts are claiming that DOGE still has significant upside potential from the recent price action. One such analyst is renowned expert Ali Martinez.
Dogecoin still has the potential to grow by 4443%
In a post on X today, Martinez emphasized that Dogecoin is currently trading in an upward price channel. This channel has two key boundaries: the middle and upper boundary, which can act as resistance levels as the price moves upward.
Martinez noted that if Dogecoin's price tests the middle boundary, it could reach around $2.40. However, if the price rises even higher to the upper boundary of the channel, it could theoretically reach $18.
From Dogecoin's current price of $0.3962, the meme coin would need to rise 506% to reach the lower boundary of this target. However, if the upper bound is taken, it would mean a growth of 4443% from the current value.
Ambitious targets for Dogecoin
This latest bold target from Martinez builds on his earlier analysis where he proposed an even more aggressive upper target for Dogecoin using Fibonacci levels of historical trends.