Crypto analyst Ali Martinez predicted that the price of Dogecoin could rise to $23 in this market cycle. Interestingly, the analyst referred to the role that the world’s richest man, Elon Musk, could play in fueling this price rally.
Dogecoin Price To Reach $23 This Cycle
In the post of X, Ali Martinez said that the price of Dogecoin could reach $23 in this bull is running. The analyst explained that in previous bull cycles, when DOGE broke the Fibonacci retracement of $0.50, it often went up to the Fibonacci levels of 1.618 or 2.272. Thus, if history were to repeat itself, Dogecoin could hit somewhere between $4 and $23.
In his analysis, Martinez also pointed out that the price of Dogecoin may be appreciated to go with Elon Musk now influencing the 47th president of the US, Donald Trump. Musk, a supporter of Dogecoin, will play a major role in the Trump administration, especially if he goes ahead with his proposal for the Department of Government Operations (DOGE).
This DOGE proposal has so far given a bullish view on the price of Dogecoin and is the main reason why the meme coin has outperformed other top cryptos in the past month.
The proposal is believed to be Elon Musk’s indirect approach Dogecoin shillingshe has done it several times, especially with his private tweets.
Crypto analyst Master Kenobi recently described Dogecoin’s value as enormous “well placed” due to Elon Musk’s DOGE proposal. The analyst believes that DOGE’s proposal may indirectly affect the image of DOGE and the value of Dogecoin. He also stated that he will not be surprised if Musk releases Dogecoin in other ways.
He gave the example of the richest man in the world putting a DOGE sticker on SpaceX and sending it to the moon. Meanwhile, there are still speculations that the X platform, which Musk owns, could use DOGE payments for their payment service.
DOGE to $10 still in play
Crypto analyst Dima James confirmed that the proposed Dogecoin price rally to $10 is still in play. The analyst noted that in order to confirm the price breach and the start of the parabolic rise, Dogecoin needs to close the week above $0.18.
Dima James noted that the weekly chart highlights the trend Company valuation Dogecoin historically he has turned better after crossing the green and red lines on his accompanying chart. According to the analyst, this same pattern is playing out in this cycle, which shows that Dogecoin can repeat its gains in previous cycles. He added that a parabolic movement begins in the price of Dogecoin whenever it rises above the yellow line on a weekly basis.
At the time of writing, the price of Dogecoin is trading at around $0.18, down 9% in the last 24 hours, according to the report. data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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