Emily Walker
Crypto analyst Ali Martinez has made a bold prediction that Dogecoin’s price could soar to $23 during the current market cycle. He highlights the significant influence of Elon Musk, the world’s wealthiest individual, in potentially triggering this price jump.
Dogecoin Price Potential to Hit $23
In a recent post on X, Martinez suggested that Dogecoin could reach $23 amid this market rally. He noted that in previous market peaks, if DOGE surpassed the $0.50 Fibonacci retracement level, it typically advanced to higher Fibonacci targets, such as 1.618 or 2.272. Therefore, it’s reasonable to expect that, if past trends continue, Dogecoin might achieve a price between $4 and $23.
Martinez elaborated that with Elon Musk influencing Donald Trump, the 47th U.S. president, there may be significant developments for Dogecoin’s price. Musk, a known advocate for Dogecoin, is expected to have a key role within Trump’s administration, particularly if his Department of Government Efficiency (D.O.G.E) proposal materializes.
This D.O.G.E proposal has been a positive sign for Dogecoin, helping it outperform many other cryptocurrencies recently.
Analysts believe this proposal might be Musk’s subtle way of promoting Dogecoin, a trend he has followed through various enigmatic tweets.
Another analyst, Master Kenobi, described Dogecoin as exceptionally well-positioned due to Musk’s D.O.G.E initiative. He believes this proposal could enhance DOGE’s reputation and value and hinted that Musk might find additional creative ways to promote Dogecoin, such as placing DOGE stickers on SpaceX rockets.
Additionally, there is talk that the X platform, owned by Musk, might incorporate DOGE as a payment method.
Path to $10 Remains Viable
Analyst Dima James has affirmed that the possibility of Dogecoin rising to $10 is still very much alive. He pointed out that, for a successful breakout and a substantial upward trend, Dogecoin must close the week above $0.18.
James emphasized that the weekly chart indicates a historical pattern where Dogecoin tends to perform well after crossing certain key indicators. The current cycle suggests that Dogecoin may replicate previous successes. He noted that a significant upward movement for Dogecoin is likely when it breaks above the yellow line on the weekly chart.
As of now, Dogecoin is trading at approximately $0.18, reflecting a 9% decrease in the past 24 hours, according to CoinMarketCap.