Prominent Market Analyst Ali Martinez Predicts a Possible Price Surge for Dogecoin

Prominent market analyst Ali Martinez has predicted a possible price surge for Dogecoin, the largest meme coin by market cap.

Prominent market analyst Ali Martinez has predicted a possible price surge for Dogecoin (CRYPTO: DOGE), the largest meme coin by market cap. After recently suggesting a parabolic expansion for the prominent token, he has predicted a staggering 11,811% surge to $20.

Recent Analysis Follows Strong Breakout

The recent analysis follows a string of bullish developments for Dogecoin.

Amid a strong resurgence that saw it appreciate over 18% in the past two days, the asset’s ecosystem has continued to see widespread adoption among crypto market users.

Crucial Level at $0.16 Holds

Martinez shared in a tweet today that the key support at $0.16 (RCM) has continued to hold, indicating that Dogecoin could rebound extensively soon. Notably, the crucial demand zone lies at the lower boundary of its multi-year ascending channel.

Dogecoin has trended within this channel since 2015, making higher highs and higher lows along the tip and bottom of the wedge. After hitting the resistance line at the tip of the ascending channel with its all-time high of $0.7605 in May 2021, the meme coin has continued to consolidate towards the lower boundary.

Currently trending at the bottom of the channel, Martinez highlighted that DOGE needs to hold fast to the support trendline and avoid a close below the $0.16 price mark. So far, the support has cushioned the asset’s weak prices, and the analyst speculates that a sustained trend would see a parabolic expansion to unprecedented prices.

Dogecoin to Bounce to Mid or Upper Boundary

Meanwhile, the prominent market watcher has highlighted a possible surge to the mid or upper boundary of the ascending channel as the current support shows strength. An accompanying chart shows that these targets lie at the 1.272 and 1.618 Fibonacci extensions from the March 2020 low to the May 2021 high.

Dogecoin’s Price Target | Ali Martinez

Martinez suggested a surge to the 1.272 Fib. level at $2.77, a new all-time high for Dogecoin.

Also Read: Bitcoin Price Will Hit $150,000 By 2024, Claims Crypto Analyst

However, if Dogecoin replicates its price action in 2021 and hits the upper boundary, it will jump a staggering 11,811% from the current market price to $20.

Notably, the $20 price prediction aligns with an earlier call from analyst Javon Marks, who insisted that the target is easily achievable for the meme coin.

Network Activity Boosts Bullish Momentum

Meanwhile, recent network activity has boosted confidence that Dogecoin could eye higher prices.

Martinez highlighted in a parallel analysis that the token’s adoption has escalated recently amid renewed traction in its ecosystem.

The number of new addresses in the Dogecoin ecosystem has more than doubled in the past month. Precisely, this metric moved from 16,400 to 34,600 new wallets amid growing sentiments that the asset could rebound extensively in the near term.

Also, new addresses on the Dogecoin blockchain hit a 15-month high in late June.

At the time of writing, DOGE is up 2% since the start of the day and trades at $0.17.