Crypto analyst Ali Martinez predicted that Dogecoin price could reach $23 during this market cycle. Interestingly, the analyst hinted at the role that the world’s richest man, Elon Musk, may play in triggering this price rise.
Dogecoin price will reach $23 this cycle
In an X post, Ali Martinez mentioned that Dogecoin price could reach $23 in this bull race. The analyst explained that during previous bull cycles, once DOGE broke the $0.50 Fibonacci retracement, it often bounced back to the 1.618 or even 2.272 Fibonacci levels. So, if history were to repeat itself, Dogecoin could reach between $4 and $23.
In his analysis, Martinez also mentioned that Dogecoin price could be primed for a wild ride with Elon Musk now influencing the 47th US President, Donald Trump. Musk, a Dogecoin supporter, is poised to play a major role in the Trump administration, especially if he moves forward with his Department of Government Efficiency (DOGE) proposal.
This DOGE proposition has provided a bullish outlook for Dogecoin price so far and is the main reason why the meme coin has outperformed other major cryptos over the past month.
This proposal is believed to be Elon Musk’s indirect way of Dogecoin to shillingswhich he did on several occasions, notably through his enigmatic tweets.
Crypto analyst Master Kenobi recently described the price of Dogecoin as the highest. “strategically positioned” because of Elon Musk’s DOGE proposal. The analyst believes that the DOGE proposal could have an indirect impact on the image of DOGE and the price of Dogecoin. He also mentioned that he wouldn’t be surprised if Musk goes after Dogecoin in other ways as well.
He gave the example of the richest man in the world putting the DOGE sticker on SpaceX and sending it to the moon. Meanwhile, there is still speculation that Platform X, which Musk owns, could adopt DOGE payments for its payment service.
DOGE at $10 still in play
Crypto analyst Dima James confirmed that Dogecoin’s projected price rise to $10 is still in play. The analyst noted that to confirm the price breakout and the start of a parabolic rise, Dogecoin must close the week above 0 $.18.
Dima James noted that the weekly chart highlights how Dogecoin Price Performance has historically become positive after the green and red lines cross on the accompanying chart. According to the analyst, this same pattern is playing out in this cycle, indicating that Dogecoin can replicate its gains in previous cycles. He added that a parabolic movement begins for the Dogecoin price whenever it crosses the yellow line on the weekly time frame.
At the time of writing, Dogecoin price is trading at around $0.18, down 9% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com