Dogecoin Price Prediction: DOGE May Surge to $23 as Whale Activity and Retail Interest Grow

The Dogecoin price has witnessed an impressive activity surge in the past few weeks, with many crypto participants looking at a continued surge until the end of the year.

Cryptocurrency prices are known for their volatility, and Dogecoin is no exception. In recent weeks, there has been a lot of activity around DOGE, with some predicting that it could continue to surge until the end of the year.

One crypto analyst, Ali Martinez, recently took to X (formerly Twitter) to share his analysis on Dogecoin’s recent price activity. In his view, the cryptocurrency is setting up for a parabolic bull run, and he suggested that it could continue on this run to reach as high as $23.26.

Several factors are contributing to Martinez’s optimism, including significant whale activity, growing retail investor interest, and historical price patterns that point to substantial growth.

Let’s take a closer look at the factors that Martinez highlighted and how they could impact the Dogecoin price.

Whale activity is a key factor that many crypto traders and investors monitor closely. The recent surge in Dogecoin purchases by whales, where they bought around 140 million DOGE tokens within 24 hours, is a strong signal of confidence. On November 15, this purchase was valued at around $56 million.

As such, an increase in whale activity tends to precede significant price movements. In the case of Dogecoin, the recent accumulation activity could be a sign that the cryptocurrency is poised for another leg up.

While whale activity is crucial, Martinez also pointed out that retail investors are only beginning to recognize Dogecoin’s potential. He dismissed claims that the Dogecoin price growth is constrained by its market cap or a “sell the news” mentality.

According to Martinez, interest in Dogecoin has not yet reached the levels witnessed during the 2021 bull market run. This observation suggests that there is still significant untapped demand, which shows the Dogecoin price has more room to grow this cycle.

Moreover, despite a recent 360% price increase, Martinez argued that Dogecoin remains far from overbought territory. He pointed to the MVRV indicator, which has reset to 45.65% after the correction last week. This observation suggests that the cryptocurrency has room for further upward movement without facing immediate selling pressure.

Besides the factors highlighted by Martinez, the Dogecoin price is also likely to continue to increase in light of the recent political appointment of the Dogefather, Elon Musk, in Donald Trump’s Department Of Government Efficiency. Links to the department have already caused a spike in the Dogecoin price, and this is set to keep increasing after the new administration eventually comes into power.

Now, let’s pivot to technical analysis, where Martinez revealed a Dogecoin price prediction range based on Dogecoin’s historical patterns and Fibonacci retracement levels.

In his analysis, Martinez identified key price targets at $2.40 and $18. He also cited Fibonacci extension levels of 1.618 and 2.272 from the 2022 bear market low of $0.049, which correspond to $3.95 and $23.36, respectively.

These targets are grounded in similar behavior of the Dogecoin price during its bull runs in 2017 and 2021. However, it’s important to note that achieving such levels would not be without challenges.

As highlighted by Martinez, Dogecoin’s previous parabolic runs in 2017 and 2021 were characterized by multiple corrections, with pullbacks ranging from 40% to 84%.