Market analysts are suggesting a massive potential surge in Dogecoin’s value, with projections pointing to a possible high of $23 per coin. Ali Martinez, a prominent market analyst, believes that Dogecoin could experience explosive growth, citing Elon Musk’s continued influence and historical price patterns.

Dogecoin’s Recent Performance and Market Standing

In the weeks leading up to recent U.S. presidential elections, Dogecoin’s price has seen a notable increase. Over the past day, week, and month, Dogecoin has surged by 17.62%, 17%, and an impressive 79%, respectively. This rise briefly placed Dogecoin above XRP, positioning it as the 7th highest-ranked cryptocurrency by market cap before it returned to its current 8th position with a market valuation of $29 billion.

The market consensus attributes Dogecoin’s impressive rise to Musk’s close relationship with the president-elect, Donald Trump. Musk, who played a visible role in Trump’s campaign, is expected to participate in the new administration, potentially leading a role dubbed “Department of Government Efficiency” or D.O.G.E., which has further fueled speculation around Dogecoin.

Musk’s Influence on Dogecoin’s Potential Growth

Martinez recently tweeted about Musk’s influence on Dogecoin, suggesting that Musk’s involvement in the new government could continue to fuel Dogecoin’s growth. Musk, who has openly supported Dogecoin due to its humorous origins and dog mascot, is expected to drive the coin’s value higher. Martinez describes Dogecoin as “primed for a wild ride” on Musk’s influence.

Another prominent market analyst, Peter Brandt, has echoed Martinez’s views. Brandt tweeted his support, stating “in Musk we trust” and acknowledged Musk’s role in Dogecoin’s recent surge. According to Brandt, Dogecoin’s recent breakout past $0.20 confirms a bullish pattern, setting it up for potential further gains.

Price Targets and Historical Trends

Martinez has shared ambitious price targets for Dogecoin if its bullish momentum continues. He projects that Dogecoin could reach $4 and even $23 based on historical trends. He points to Dogecoin’s tendency to hit Fibonacci retracement levels of 1.618 and 2.272 after breaching the 50% retracement zone, a pattern observed during the 2017 and 2021 bull cycles.

In his analysis, Martinez highlights that Dogecoin has already breached the 0.50 Fibonacci level, pushing past $0.1905 to over $0.20. This movement places the next Fibonacci targets at $4 and $23, which could lead to gains of 1,915% and 11,486% if the trend follows previous cycles.

Read Also: Dogecoin Sees Sharp 28% Rise with Whales Leading the Charge

Dogecoin’s Current Market Price and All-Time High Comparison

At present, Dogecoin trades at $0.1985, which marks a 6.8% drop from its daily high of $0.2121. However, it remains 73% below its all-time high of $0.7376, reached in May 2021. Martinez’s prediction is one of many he has made about Dogecoin, including an earlier forecast of an 8,032% increase to $10 based on a continued rising wedge price pattern.

With Musk’s influence and bullish chart patterns, Dogecoin could be poised for a significant rally. The possibility of reaching $23 remains speculative but intriguing for investors looking at long-term growth potential