Dogecoin Up 6% After Elon Musk's 'Dogefather' Tweet: Is This The Start Of A 'Parabolic Run'?

Dogecoin (CRYPTO: DOGE) appears poised for a parabolic run based on technical chart patterns, with analysts predicting a significant rally ahead.

What Happened: Elon Musk on Tuesday teased Dogecoin with a post calling himself “The Dogefather.”

pic.twitter.com/7NHqlQBbcZ

— Elon Musk (@elonmusk) November 19, 2024

Crypto analyst Ali Martinez forecasted a 120% rally to $0.82, provided DOGE maintains support above $0.37. This prediction follows a confirmed breakout from a bullish flag pattern.

Martinez highlighted factors driving this potential rally, including substantial whale accumulation, increased retail interest and DOGE avoiding overbought levels despite its recent rise.

He also suggested that if DOGE follows its historical price patterns, a potential top could range between $3.95 and $23.26, depending on broader market conditions. However, he cautioned that steep corrections, similar to past bull runs, could follow these surges.

Given these price targets, ranging from $2.40 to $23.26, you have to be ready to withstand steep price corrections.

Remember that throughout the parabolic #Dogecoin bull run of 2017 and 2021, there were many pullbacks, ranging from 40% to 84%.Read more...

— Ali (@ali_charts) November 18, 2024

Also Read: Pepe, Dogecoin At The Center Of Crypto Influencer Discussion: ‘If People Want To Make Money, They’re Going To Go To Meme Coins’

Why It Matters: Dogecoin's growing momentum aligns with rising whale activity and retail interest. IntoTheBlock data reveals a 41.1% surge in large transactions and a 34.9% increase in daily active addresses.

However, Dogecoin developer Mishaboar highlighted security concerns about the Dogechain.info wallet platform, advising users to secure their funds before its shutdown on Dec.31.

Price Action: Dogecoin is up 6.8% to $0.388 over the past 24 hours.

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