Top analyst Ali Martinez predicts Dogecoin could surge 4,443% to $18, citing an ascending price channel amid the ongoing DOGE frenzy.
Dogecoin (DOGE) continues to attract significant attention as the crypto market’s bull run endures with no signs of slowing down. Today alone, Dogecoin surged 53%, rising from a low of $0.2846 to as high as $0.4359.
Notably, the meme coin king was last seen at these price levels during the previous bull run in 2021.
Meanwhile, just nine days ago, Dogecoin traded as low as $0.1428. Since then, it has grown by an extraordinary 205% in less than two weeks. On the monthly timeframe, DOGE has expanded by 330%, rising from $0.1015.
Amid this unexpected turnaround, analysts argue that DOGE still has significant upside potential compared to recent price action. One such analyst is renowned on-chain expert Ali Martinez.
Dogecoin Could Still Run 4,443%
In a post on X today, Martinez highlighted that Dogecoin is currently trading within an ascending price channel. This channel has two key boundaries: the middle and the upper boundary, which may act as resistance levels as the price moves upward.
Martinez noted that if Dogecoin’s price tests the middle boundary, it could reach around $2.40. However, if the price pushes even higher to test the upper boundary of the channel, it could theoretically reach as high as $18.
Notably, from Dogecoin’s current price of $0.3962, the meme coin would need to grow by 506% to reach the lower boundary of this target. However, if the upper boundary materializes, that would represent a 4,443% increase from the current value.
Higher Targets for Dogecoin
This latest bold target from Martinez builds upon his earlier analysis, where he suggested an even more aggressive upper target for Dogecoin using Fibonacci levels of historical trends.
In the previous analysis, Martinez emphasized that Dogecoin is poised for a potential parabolic run. He pointed to historical trends and Fibonacci retracement levels and predicted a price range between $3.95 and $23.25.
Notably, past breakouts from long-term resistance have led to massive gains. For example, in 2017-2018, Dogecoin surged 8,933% after breaking its downtrend, and in 2020-2021, it skyrocketed by 15,534%, partly fueled by endorsements from Elon Musk.
Notably, Dogecoin’s peaks in these two cycles aligned with the 1.1618 and 2.272 Fibonacci levels. Accordingly, Martinez expects Dogecoin to potentially soar 13X to $3.95 or experience an 80X increase to $23.25 if it follows the Fibonacci pattern from previous cycles.