Crypto analyst Javon Marks has predicted that the Dogecoin price will soon witness a parabolic run. This prediction follows his analysis of the meme coin’s historical performance, which he claimed could lead to a price rally of over 400%.
Marks predicted in an X post that the Dogecoin price could reach its current all-time high (ATH) of $0.73 as it enjoys a quick 431% rally from its current price. The analyst noted that this price prediction was based on the meme coin’s price and past performances in previous cycles. In line with this, Marks believes that DOGE could be in the early stages of another parabolic run.
Based on Marks’ analysis, the Dogecoin price’s rally to its current ATH will likely be the start of its bull run in this cycle. The analyst predicts that the foremost will rise beyond the $0.7 price level and reach as high as $3. This isn’t the first time Javon Marks has predicted 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 bull market trend. He noted that Dogecoin has always enjoyed larger price gains in every successive market cycle. As such, he doesn’t expect this time to be different, with DOGE topping its last cycle’s gains in this bull run.
Crypto analyst Dima James also recently echoed a similar sentiment, asserting that DOGE will surpass its previous gains in the last two cycles and outperform Bitcoin in the process. James also believes the Dogecoin price could reach double digits with a price target of $10 in this market cycle.
The Dogecoin price has increased by over 7% in the last 24 hours. This price rally followed Elon Musk’s appearance at a Pennslyvania town hall, where he discussed his plans for the proposed ‘Department of Government Efficiency’ (D.O.G.E).
DOGE continues to react positively to Musk’s mention of the D.O.G.E department because of the world’s richest man’s ties to the meme coin. Dogecoin had also rallied by over 7% on October 16 following Musk’s mention of the D.O.G.E department in an X post.
Meanwhile, thanks to the most recent rally, DOGE reached its highest level since late July, sparking optimism that it is time for the meme coin to make its run in this market cycle. The foremost meme coin has so far underperformed compared to other top meme coins like Pepe (PEPE) and Dogwifhat (WIF).
At the time of writing, the 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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