According to cryptocurrency analyst Ali Martinez, the price of Dogecoin is about to go parabolic. Martinez predicted that if history repeats itself, the premier meme coin could rise above $1 and hit $20.

In the X post, Ali Martinez shared an accompanying chart showing that if Dogecoin reaches the middle boundary of the ascending channel, its price could rise above $1. Specifically, this middle boundary sets the target price for Dogecoin at $1.90. Meanwhile, if Dogecoin reaches the channel's ceiling, its price could go as high as $20.

Martinez shared this chart along with a reference to historical trends that suggest a parabolic rally is coming. The analyst noted that in 2017, when Dogecoin started its parabolic move, it soared 212%, then retraced 40%, and then rose 5,000%. In 2021, Dogecoin rose 476%, retracted 56%, and then skyrocketed 12,000%.

As a result, the price of Dogecoin may once again follow this historical pattern. Dogecoin has surged 440% in this market cycle, before retracting 46%. If history repeats itself, Dogecoin could see another parabolic rally, like the 5,000% and 12,000% rallies.

Cryptocurrency analyst Trader Tardigrade also recently mentioned that the Dogecoin price has formed an upward channel from the bottom, approaching the top of the channel. In line with that, analysts say a breakthrough is possible any day now. He mentioned the large candle observed in January 2021 and suggested that something similar could happen in January 2025.

Trader Tardigrade noted that Elon Musk will officially take over as head of the Department of Government Efficiency (DOGE) in January 2025. Analysts believe that this is one of the factors driving the price of Dogecoin to a new high.

In a recent X post, Ali Martinez said that a price rebound for Dogecoin is imminent. He said that TD Sequential is showing a buy signal on the Dogecoin daily chart and expects the price to rebound. His accompanying chart shows that a rebound could push Dogecoin to $0.48 in the short term.

Trader Tardigrade also said a rebound was coming. He said that the price of Dogecoin is ending the first half of the second wave. He noted that Dogecoin has not yet touched the orange line on the accompanying chart, but it is very close. In line with this, analysts say that Dogecoin will soon resume its upward trend.

According to CoinMarketCap, at the time of writing, the price of Dogecoin is around $0.32, up more than 2% in the last 24 hours.