Crypto analyst Javon Marks predicted that Dogecoin price will soon go parabolic. This prediction follows from his analysis Historical performance of meme coinwhich he believes could lead to price increases of over 400%.
Dogecoin price will soon reach an all-time high
Marks predicted in post X that Dogecoin’s price may reach its plateau current all-time record (ATH) at $0.73 as it sees a rapid raise of 431% from its current price. The analyst noted that this price prediction was based on the meme coin’s price and performance from previous cycles. As such, Marks believes that DOGE may be in the early stages of another parabolic run.
Marks’ analysis shows that Dogecoin’s price raise to its current ATH will likely be the beginning of a bull market this cycle. The analyst predicts that the most vital of them will rise above the price level of $0.7 and reach even $3. This isn’t the first time Javon Marks predicted that DOGE would enjoy such a massive rally.
Analyst previously predicted that Dogecoin could enjoy a 21,700% upside to $17 based on the bullish trend. He noted that Dogecoin has always enjoyed greater price gains in each successive market cycle. Therefore, he does not expect that this time will be different and that DOGE will exceed the profits of the last cycle in this bull market.
Cryptocurrency analyst Dima James too it happened again recently similar sentiment, claiming that DOGE will exceed its previous gains in the last two cycles and outperform Bitcoin in the process. James also believes that Dogecoin’s price could reach double digits at a target price $10 in this market cycle.
Dogecoin is gaining value again thanks to Elon Musk
Dogecoin price has increased by over 7% in the last 24 hours. This price raise followed Elon Musk’s town hall appearance in Pennsylvania, where he discussed his plans for a proposed “Department of Government Efficiency” (DOGE).
DOGE continues to respond positively to Musk’s mention of the DOGE division due to the richest man in the world’s connection to the meme coin. Dogecoin had it too increased by over 7% On October 16, after Musk mentioned the DOGE department in post X.
Meanwhile, with the latest rally, DOGE has hit its highest level since delayed July, sparking optimism that it’s time for the meme coin to enter this market cycle. The top meme coin has so far underperformed compared to other top meme coins such as Pepe (PEPE) and Dogwifhat (WIF).
At the time of writing, Dogecoin is trading at around $0.13, having risen over the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
