Analyst Javon Marks predicts that the price of Dogecoin (DOGE) is poised for a major rally, possibly reaching $20 during the ongoing bull cycle. Marks' analysis is based on historical performance trends, which have shown increasingly higher price gains in previous Dogecoin cycles. Current market activity, including a rebound in DOGE price and more whale transactions, suggest a promising outlook for the meme coin.
Will the price of Dogecoin rise to $20? Analyst predicts monumental bull cycle ahead
In a recent survey shared on X (formerly Twitter), Javon Marks expressed confidence in Dogecoin's ability to achieve unprecedented growth during the ongoing bull cycle. His comments indicated a pattern of increasingly larger price gains in Dogecoin's previous cycles, with the current trajectory suggesting another interesting run.
According to Javon's analysis, DOGE price cycles show exponential growth during bull runs, with significant increases noted in 2017 (90x) and 2021 (306x). Based on these historical patterns, projections for 2024 suggest a potential increase of more than 306 times, targeting prices above $20.
The chart shows consistent upward movements leading to explosive rallies, driven by market movement and investor sentiment. If DOGE reproduces past performance, the next cycle could see unprecedented increases.
Additionally, Dogecoin price recently rebounded to $0.3226 after touching a weekly low of $0.3097. This trend indicates that the $0.3097 mark could be a price floor that could indicate a move higher.
These analyzes are in line with recent bullishness predicted by Galaxy Researchwhich projects Dogecoin to reach $1 by 2025. The company emphasizes key fundamentals such as whale aggregation and Elon Musk's DOGE initiatives as the catalyst for this growth. While Dogecoin faces competition from other memecoins, its historical growth patterns indicate that it is possible to achieve this target.
Whale activity fuels the Dogecoin ecosystem
The Dogecoin ecosystem has seen an increase in whale activity, indicating increased interest among large investors. Data from IntoTheBlock revealed that large transactions within the Dogecoin network have increased by 41% in the past 24 hours, with a cumulative transaction value exceeding $23 billion.
This increase in whale transactions is a good sign for the coin meme collection, indicating higher market participation and liquidity. The sustained activity in this price range could be the basis for a stronger rebound in the medium term.
According to a recent Coingape report, the price of Dogecoin is showing a bullish turn as DOGE whales has collected an impressive 90 million DOGE in just two days. This increase in whaling activity indicates a growing interest among investors and suggests a dog meme collection. Positive signs on the chain and increased market activity support this view.
At press time, DOGE price has changed so far -0.3224 US dollars, showing an increase of 2.57% in the last 24 hours. The market capitalization of rally coin meme is $47.52 billion, with a 24-hour trading volume of $1.43 billion.
Ronny Mugendi
Ronny Mugendi is an experienced crypto journalist with four years of professional experience, having contributed extensively to various media on cryptocurrency trends and technologies. With more than 4000 published articles across different media, it aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys cycling, exploring new trails and landscapes.
Disclaimer: The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.
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