Crypto analyst Javon Marks has predicted that the price of Dogecoin will soon experience a parabolic movement. This prediction follows his analysis of meme coin historical performancewhich he said could lead to price increases of more than 400%.
Dogecoin Price Will Soon Hit All-Time High
Marks predicted in X’s post that the price of Dogecoin could reach its highest point current all-time high (ATH) of $0.73 as it enjoyed a rapid rally of 431% from its current price. The analyst notes that these price predictions are based on the price of the meme coin and past performance in previous cycles. In line with this, Marks believes that DOGE may be in the early stages of another parabolic move.
Based on Marks’ analysis, Dogecoin’s price increase to the current ATH is likely to be the start of a bull run in this cycle. Analysts predict that the price high will rise beyond the $0.7 price level and reach $3. This is not the first time Javon Marks has predicted DOGE will enjoy such a big rally.
Analyst predicted beforehand that Dogecoin could enjoy a 21,700% rise to $17 based on its bull market trend. He noted that Dogecoin has always enjoyed larger price increases in each successive market cycle. Therefore, he does not expect this time to be any different, with DOGE surpassing its last cycle’s gains in this bull run.
Crypto analyst Dima James too recently resonated similar sentiment, stating that DOGE will surpass its previous gains in the last two cycles and outperform Bitcoin in the process. James also believes the price of Dogecoin could reach double digits with a price target $10 in this market cycle.
Dogecoin Rally Again Thanks to Elon Musk
Dogecoin Price has increased more than 7% in the last 24 hours. This price rally follows Elon Musk’s appearance at a Pennslyvania town hall, where he discussed his plans for a proposed ‘Department of Government Efficiency’ (DOGE).
DOGE continues to react positively to Musk’s mention of the DOGE department due to the world’s richest man’s ties to the meme coin. Dogecoin also has it strengthened more than 7% on October 16 after Musk mentioned the DOGE department in X’s post.
Meanwhile, thanks to the latest rally, DOGE hit its highest level since late July, fueling optimism that it’s time for the meme coin to hit the ground running in this market cycle. The leading meme coin has so far underperformed compared to other top meme coins such as Pepe (PEPE) and Dog Wife (WIF).
At the time of writing, Dogecoin price is trading around $0.13, up in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, a chart from Tradingview.com
