Dogecoin has experienced a surge in activity over the past few months. Crypto participants are anticipating a continuation of the surge into the end-of-year. Ali Martinez, a cryptocurrency analyst on X’s (formerly Twitter) recently shared a prediction that the Dogecoin could reach a high of $23,26.
According to MartinezDogecoin’s current trajectory resembles the early stages of a bull run parabolic. His optimism stems from a number of factors, such as significant whale activity and growing interest among retail investors.
Dogecoin price to skyrocket in the near future
Martinez emphasized that whales have been buying a lot of Dogecoin recently. They bought 140 million DOGE tokens in 24 hours which is the equivalent of $56 million. Whale accumulation is one of the biggest signals of confidence among large holders in a cryptocurrency’s outlook. As such an Whale activity on the rise Price movements tend to be preceded by significant trends.
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Martinez pointed out that while whale activity is important, retail investors are just beginning to invest. Dogecoin has a lot of potential.. He denied claims that Dogecoin’s price growth was constrained by the market cap of its cryptocurrency or a “sell the news”This is a mentality that has yet to reach the level of interest seen during the bull market run in 2021. This, he says, indicates significant untapped demands that show the Dogecoin prices have more room to increase this cycle.
Source: X
Martinez said that despite a recent 360% rise in price, Dogecoin was still not overbought. Martinez pointed out the MVRV, which reset at 45.65% in the wake of the last-week correction. This observation indicates that cryptocurrency can continue to move upwards without immediate selling pressure.
Source: X
Martinez also highlighted that the Dogecoin will continue to rise in price, given the recent political developments. Dogefather’s appointment, Elon Musk, in Donald Trump’s Department Of Government Efficiency. Dogecoin prices have already risen due to links to the department, and are expected to continue to rise after the new administration takes office.
Doge Price Targets
Martinez, focusing on technical analysis revealed that the aforementioned symbiosis was a misunderstanding. Dogecoin price prediction Dogecoin’s historical patterns, and Fibonacci retracement level. He set key price targets of $2.40, and $18. Fibonacci levels of 1.618 & 2.272 were also mentioned from the 2022 Bear Market Low of $0.049 which corresponds to $3.95 & $23.36, respectively. These targets are based upon the same behavior as Dogecoin during its bull runs of 2017 and 2021.
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Source: X
He warned, however, of the challenges that would be involved in achieving such high levels. Dogecoin’s parabolic runs of 2017 and 2021 have been highlighted by numerous corrections. The pullbacks ranged between 40% and 84%.
The DOGE price is still struggling | Source: DOGEUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com
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