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Dogecoin

Crypto Analyst Says Dogecoin Price Has Entered Parabolic Surge To $23.36. Here Are The Reasons Why

Scott Matherson
by Scott Matherson
Last Updated: November 20, 2024 9:30 pm
·
Posted in Altcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Dogecoin price has witnessed an impressive activity surge in the past few weeks, with many crypto participants looking at a continued surge until the end of the year. In a recent analysis shared on X (formerly Twitter), crypto analyst Ali Martinez has projected a significant surge in the Dogecoin price, suggesting it could continue on this run to reach as high as $23.26. 

According to Martinez, Dogecoin’s current trajectory mirrors the beginning stages of a parabolic bull run. His optimism is driven by many factors, including significant whale activity, growing retail investor interest, and historical price patterns that point to substantial growth.

Factors Pointing To A Parabolic Surge In The Dogecoin Price

Martinez highlighted the recent surge in Dogecoin purchases by whales, who recently bought around 140 million DOGE tokens within 24 hours, equivalent to $56 million on November 15. Whale accumulation is one of the biggest signals of confidence among large holders in a cryptocurrency’s outlook. As such, an increase in whale activity tends to precede significant price movements.

Related Reading: PEPE Is Mirroring The Dogecoin Price Breakout Of 2021, Here’s How

While whale activity is crucial, Martinez also pointed out that retail investors are only beginning to recognize Dogecoin’s potential. He dismissed claims that the Dogecoin price growth is constrained by its market cap or a “sell the news” mentality, noting that interest in Dogecoin has not yet reached the levels witnessed during the 2021 bull market run. This, according to him, suggests significant untapped demand that shows the Dogecoin price has more room to grow this cycle.

Dogecoin price 1
Source: X

Furthermore, despite a recent 360% price increase, Martinez argued that Dogecoin remains far from overbought territory. He pointed to the MVRV indicator, which has reset to 45.65% after the correction last week. This observation suggests that the cryptocurrency has room for further upward movement without facing immediate selling pressure. 

Dogecoin price 2
Source: X

Beyond these factors highlighted by Martinez, the Dogecoin price is on track to continue to increase in light of the recent political appointment of the Dogefather, Elon Musk, in Donald Trump’s Department Of Government Efficiency. Links to the department have already caused a spike in the Dogecoin price, and this is set to keep increasing after the new administration eventually comes into power.

DOGE Price Targets

Pivoting to technical analysis, Martinez revealed a Dogecoin price prediction range based on Dogecoin’s historical patterns and Fibonacci retracement levels. He identified key price targets at $2.40 and $18. He also cited Fibonacci extension levels of 1.618 and 2.272 from the 2022 bear market low of $0.049, which correspond to $3.95 and $23.36, respectively. These targets are grounded in similar behavior of the Dogecoin price during its bull runs in 2017 and 2021.

Related Reading: Dogecoin Influencer Drops Crucial Warning For DOGE Investors, You Could Lose Your Coins If You Don’t Do This
Dogecoin price 3
Source: X

He cautioned, however, that achieving such levels would not be without challenges. Dogecoin’s previous parabolic runs in 2017 and 2021 were highlighted by multiple corrections, with pullbacks ranging from 40% to 84%.

Dogecoin price chart from Tradingview.com
DOGE price continues to struggle | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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