Market analyst Ali Martinez has expressed confidence in an explosive Dogecoin upsurge to double figures, citing Elon Musk’s influence and historical trends.
Dogecoin has been on an impressive run in the weeks leading to the just-concluded US presidential elections. For context, the leading meme coin has respectively surged 17.62%, 17%, and a staggering 79% in the past day, week, and month.
The upsurge saw it briefly topple notable cryptocurrency XRP to temporarily rank 7th in the market cap rankings. However, DOGE has returned to eighth place, with a valuation of $29 billion at press time.
Meanwhile, general market consensus believes that Dogecoin’s impressive outing is tied to Elon Musk’s close ties to US president-elect Donald Trump. The Tesla CEO played a crucial part in Trump’s reelection, with the X owner agreeing to participate in the president’s new governance in a capacity he has teased as the D.O.G.E. (Department of Government Efficiency).
Analyst Expects Musk’s Influence to Continue DOGE Push
In a November 6 tweet, Martinez asserted that the Musk-DOGE romance would continue to spur the meme coin’s explosive run. Notably, the SpaceX founder has not hidden his love for the original meme coin, stating he is fond of the token due to its funny memes and dog jokes.
Martinez insisted that Musk’s pronounced participation in Trump’s reelection would continue to drive Dogecoin to new highs. In his words, Dogecoin “could be primed for a wild ride” on Musk’s influence.
Meanwhile, market veteran Peter Brandt agrees with Martinez’s speculations, stating “in Musk we trust.” Brandt acknowledged the X owner’s influence in Dogecoin’s recent run and noted that it has spurred the leading meme coin past a crucial price structure.
In a Wednesday tweet, Brandt stated that Dogecoin has confirmed a breakout from a channel on its 1W timeframe after the surge to over $0.2 today. With the affirmation, Brandt asserted that the dog-themed token is on its way to bullish price accumulations and a new all-time high.
Martinez Gives Targets for Dogecoin
The market expert stated that Dogecoin would hit $4 and $23 if bullish momentum continues and history repeats itself. Martinez cited historical price action, evident in the past two cycles, to back up his assertion.
According to the analysis, Dogecoin surges to Fib. 1.618 or even 2.272 every time it breaches the 50% retracement zone. An accompanying chart shows that DOGE followed this price action in the 2017 and 2021 bull cycles.
Martinez argued that a similar pattern could repeat this cycle as Dogecoin has breached the 0.50 Fibonacci level with the surge past $0.1905 to above $0.2000. The expert noted that the 1.618 and 2.272 retracement zones lie at $4 and $23, and DOGE could be on its way to a 1,915% and 11,486% bullish upsurge.
Meanwhile, Wednesday’s analysis is one of the many ambitious predictions Martinez has made about Dogecoin. Earlier, he predicted a lofty 8,032% uptick to $10, citing a continuation in its rising wedge price pattern.
In the meantime, Dogecoin trades at $0.1985, down 6.8% from its daily high of $0.2121. Interestingly, DOGE remains 73% away from its all-time high of $0.7376, attained in May 2021.
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