Crypto analyst Javon Marks has forecasted that Dogecoin’s price is primed for a parabolic surge. This outlook is based on his evaluation of the historical performance of the meme coin, which he suggests could result in a price increase of over 400%.
Dogecoin Price Set for New All-Time High
In a post on X, Marks speculated that Dogecoin’s price might soar to its previous all-time high (ATH) of $0.73 following a swift 431% ascent from its current valuation. The analyst remarked that this prediction is anchored in the meme coin’s historical price trends and cycles. Accordingly, Marks believes that DOGE may be entering the early phases of a new parabolic movement.
According to Marks’ analysis, the ascent of the Dogecoin price to its previous ATH is likely just the beginning of its bull run in this cycle. He anticipates that it could surpass the $0.7 mark and potentially reach as much as $3. This isn’t the first time Javon Marks has suggested that DOGE could see such significant gains.
The analyst previously predicted that Dogecoin could attain a staggering 21,700% increase to $17 based on its bullish market trajectory. He emphasized that Dogecoin has historically delivered more substantial price gains in subsequent market cycles. Therefore, he doesn’t foresee this occasion being any different, with DOGE likely to surpass its last cycle’s achievements in this bull run.
Likewise, crypto analyst Dima James has also voiced a similar outlook, asserting that DOGE will exceed its previous gains from the last two cycles and outperform Bitcoin in the process. James is confident that Dogecoin’s price could hit double digits, with a target of $10 in this market cycle.
Dogecoin Rallies Again Thanks to Elon Musk
The price of Dogecoin has surged by over 7% in the past 24 hours, following Elon Musk’s participation in a Pennsylvania town hall, where he outlined his plans for the proposed ‘Department of Government Efficiency’ (D.O.G.E).
DOGE’s positive response to Musk’s announcement regarding the D.O.G.E department stems from the billionaire’s close association with the meme coin. On October 16, Dogecoin also experienced a more than 7% uptick after Musk referenced the D.O.G.E department in a post on X.
As a result of the recent price surge, DOGE has reached its highest value since late July, igniting hopes that the meme coin is poised to initiate a rally in this market cycle. So far, Dogecoin has lagged behind other prominent meme tokens such as Pepe (PEPE) and Dogwifhat (WIF).
Currently, Dogecoin is trading at approximately $0.13, reflecting an uptick in the last 24 hours, as per data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
