Cryptanalyst Javon Marks has predicted that Dogecoin price will soon witness a parabolic run. This prediction follows his analysis of the historical performance of meme coinwhich, according to him, could cause a price rally of more than 400%.
Dogecoin Price Will Hit All-Time High Soon Enough
Marks predicted in an X post that Dogecoin price could peak current all-time high (ATH) of $0.73 as it enjoys a rapid rally of 431% from its current price. The analyst noted that this price prediction was based on the price of the meme coin and past performance in previous cycles. Consequently, Marks believes DOGE could be in the early stages of another parabolic run.
According to Marks’ analysis, Dogecoin’s price rally to its current ATH will likely be the start of its bull run this cycle. The analyst predicts that the principal will rise beyond the $0.7 price level and reach $3. This is not the first time that Javon Marks predicts that DOGE could enjoy such a massive rally.
the analyst previously predicted that Dogecoin could enjoy a 21,700% rise to $17 based on its bullish market trend. He noted that Dogecoin has always enjoyed greater price gains in each successive market cycle. As such, don’t expect this time to be any different, with DOGE surpassing its last cycle’s gains in this bull run.
Cryptoanalyst Dima James also recently echoed similar sentiment, stating that DOGE will surpass its previous gains in the last two cycles and surpass Bitcoin in the process. James also believes that Dogecoin price could reach double digits with a $10 price target in this market cycle.
Dogecoin recovers again thanks to Elon Musk
The price of Dogecoin has increased more than 7% in the last 24 hours. This price rally came following Elon Musk’s appearance at a Pennsylvania town hall, where he discussed his plans for the 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 had recovered by more than 7% on October 16 following Musk’s mention of the DOGE department in an X post.
Meanwhile, thanks to the most recent rally, DOGE hit its highest level since late July, sparking optimism that it is time for the meme coin to make its run in this market cycle. So far, the top meme coin has underperformed compared to other top meme coins like Pepe (PEPE) and Dog hat (WIF).
At the time of writing, Dogecoin price is trading at around $0.13, up in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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