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

The Dogecoin price has witnessed a powerful activity surge previously few weeks, with many crypto participants a continued surge until the tip of the yr. In a recent evaluation shared on X (formerly Twitter), crypto analyst Ali Martinez has projected a big surge within the Dogecoin price, suggesting it could proceed on this run to achieve as high as $23.26.

In line with Martinez, Dogecoin’s current trajectory mirrors the start stages of a parabolic bull run. His optimism is driven by many aspects, including significant whale activity, growing retail investor interest, and historical price patterns that time to substantial growth.

Aspects 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 inside 24 hours, corresponding to $56 million on November 15. Whale accumulation is one among the largest signals of confidence amongst large holders in a cryptocurrency’s outlook. As such, an increase in whale activity tends to precede significant price movements.

While whale activity is crucial, Martinez also identified that retail investors are only starting 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 degrees witnessed in the course of the 2021 bull market run. This, in accordance with him, suggests significant untapped demand that shows the Dogecoin price has more room to grow this cycle.

Source: X

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

Beyond these aspects highlighted by Martinez, the Dogecoin price is on target to proceed to extend 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 within the Dogecoin price, and this is ready to maintain increasing after the brand new administration eventually comes into power.

DOGE Price Targets

Pivoting to technical evaluation, 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 a couple of.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.

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