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Dogecoin could reach $23 in bull cycle says analyst

Dogecoin could reach $23 in bull cycle says analyst

GrafaGrafa2024/11/09 00:37
By:Mahathir Bayena

Crypto analyst Ali Martinez has projected that Dogecoin (CRYPTO:DOGE) might reach $23 in this market cycle, pointing to historical price behavior and the influence of Elon Musk as key factors.

In a post on X, Martinez noted that in past cycles, when Dogecoin broke through the $0.50 Fibonacci retracement level, it often surged to the 1.618 or 2.272 Fibonacci levels.

Should history repeat, this could position Dogecoin for a climb between $4 and $23.

Martinez highlighted that Musk’s support of Dogecoin could play a significant role in its potential price surge.

With Musk involved in the administration of President Donald Trump and advocating for his Department of Government Efficiency (D.O.G.E) proposal, optimism surrounding Dogecoin has grown.

This proposal is viewed as Musk’s indirect promotion of the cryptocurrency, which has outperformed other major crypto assets over the past month.

Crypto analyst Master Kenobi described Dogecoin as being “strategically positioned” due to the D.O.G.E proposal.

Kenobi mentioned Musk’s history of promoting Dogecoin, including speculation about Musk adding a DOGE sticker to SpaceX rockets.

Additionally, there are ongoing discussions about Musk’s X platform potentially integrating Dogecoin as a payment option, which could further fuel its growth.

Analyst Dima James affirmed that a rally to $10 for Dogecoin is still feasible.

He noted that for confirmation of this breakout and a parabolic upward trend, Dogecoin would need to close the week above $0.18.

According to James, the weekly chart indicates that past positive movements in Dogecoin’s price have occurred when specific chart patterns align, suggesting that Dogecoin could replicate its historical gains.

At the time of writing, the Dogecoin price was $0.1949.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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