Crypto analyst Ali Martinez has predicted that the Dogecoin price could rise to $23 in this market cycle. Interestingly, the analyst alluded to the role that the world’s richest man, Elon Musk, could play in fueling this price rise.
Dogecoin price reaches $23 this cycle
In an X post, Ali Martinez mentioned that the price of Dogecoin could reach $23 this bull run. The analyst explained in previous bull cycles that once DOGE broke the $0.50 Fibonacci retracement, it often rose to the 1.618 or even 2.272 Fibonacci level. Therefore, if history were to repeat itself, Dogecoin could rise anywhere between $4 and $23.
In his analysis, Martinez also mentioned that the Dogecoin price could be poised for a wild ride with Elon Musk now influencing the 47th US president. Donald Trump. Musk, a supporter of Dogecoin, will play an important role in the Trump administration, especially if he goes ahead with his Department of Government Efficiency (DOGE) proposal.
This DOGE proposal has provided a bullish outlook for the Dogecoin price so far and is the main reason why the meme coin has outperformed the other top cryptos over the past month.
The proposal is believed to be Elon Musk’s indirect mode of operation shilling Dogecoinwhich he has done on several occasions, especially through his cryptic tweets.
Crypto analyst Master Kenobi recently described the Dogecoin price as the highest “strategically positioned” because of Elon Musk’s DOGE proposal. The analyst believes that the DOGE proposal could indirectly impact DOGE’s image and the Dogecoin price. He also said he wouldn’t be surprised if Musk sold Dogecoin in other ways as well.
He gave an example of the richest man in the world putting the DOGE sticker on SpaceX and sending it to the moon. Meanwhile, there are still speculations that the X Platform, which Musk owns, could adopt DOGE payments for their payment service.
DOGE to $10 is still in play
Crypto analyst Dima James confirmed that the expected Dogecoin price increase to $10 is still in play. The analyst noted that Dogecoin needs to close the week above $0.18 to confirm the price breakout and the start of a parabolic rise.
Dima James noted that the weekly chart shows how the Price performance of Dogecoin has turned historically positive after the green and red lines on its accompanying map crossed. According to the analyst, this same pattern is playing out in this cycle, indicating that Dogecoin can replicate its gains in the previous cycles. He added that a parabolic move begins for the Dogecoin price when it rises above the yellow line on the weekly time frame.
At the time of writing, the Dogecoin price is trading around $0.18, down 9% in the past 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com