The Dogecoin price has witnessed an impressive surge in activity in recent weeks, with many crypto participants expecting a continued rise through the end of the year. In a recent analysis shared on
According to MartinezDogecoin’s current trajectory reflects the early 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 indicate substantial growth.
Factors Pointing to a Parabolic Rise in the Dogecoin Price
Martinez highlighted the recent surge in Dogecoin purchases by Whales, who recently purchased approximately 140 million DOGE tokens in 24 hours, equivalent to $56 million on November 15. The accumulation of whales is one of the biggest signals of confidence among major holders in a cryptocurrency’s prospects. As such it is a increase in whale activity usually precedes significant price movements.
While whale activity is critical, Martinez also pointed out that private investors are only beginning to do so recognize the potential of Dogecoin. He rejected claims that Dogecoin price growth is limited by market capitalization or a “sell the news” mentality, noting that interest in Dogecoin has not yet reached the levels seen during the 2021 bull market. on significant untapped demand, showing that the Dogecoin price has more room to grow this cycle.
Furthermore, despite a recent 360% price increase, Martinez argued that Dogecoin remains far from overbought territory. He pointed to the MVRV indicator, which has been reset to 45.65% after last week’s correction. This observation suggests that the cryptocurrency has room for further upside without immediate selling pressure.
In addition to these factors highlighted by Martinez, the Dogecoin price is on track to continue rising in light of recent political developments appointment of the DogefatherElon Musk, in Donald Trump’s Ministry of Government Efficiency. Links with the department have already caused a spike in the Dogecoin price, and it will continue to rise after the new government eventually comes to power.
DOGE Price Targets
Martinez focused on technical analysis and revealed a Dogecoin Price Prediction range based on Dogecoin historical patterns and Fibonacci retracement levels. He identified the main 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, equivalent to $3.95 and $23.36, respectively. These targets are based on similar behavior of the Dogecoin price during the 2017 and 2021 bull runs.
However, he warned that reaching 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%.
Featured image created with Dall.E, chart from Tradingview.com