Originally published on: October 31, 2024
Dogecoin, the meme cryptocurrency, has experienced a significant breakout in October, with its price skyrocketing by over 75% to reach $0.172, the highest level since May 2024. This surge has been attributed to Elon Musk’s recent comments at Donald Trump’s New York campaign rally, where he discussed plans to save taxpayers’ money through his Department of Government Efficiency, coincidentally sharing the same initials as Dogecoin (DOGE).
The technical analysis suggests that Dogecoin is on track for a massive rally that could potentially see its price hit $1 and beyond. The cryptocurrency has broken out of a symmetrical triangle pattern that has been active since April 2021, signaling a bullish trend. If this breakout holds, experts predict that DOGE could reach $2 in the coming years, with a target of $1 by 2025, representing a potential 500% increase from current levels.
Key indicators such as the weekly relative strength index (RSI) further support this bullish outlook, pointing to a sustained rally. However, if Dogecoin fails to maintain its breakout momentum and slips below the triangle’s upper trendline, the price could decline towards the $0.09-0.07 range.
The Musk-Trump connection has added to the hype surrounding Dogecoin, with speculation about potential collaborations between the two figures. Trump’s odds of winning the 2024 election are currently higher than Vice President Kamala Harris’s, which could further boost Dogecoin’s appeal among retail investors.
It is important to note that this article does not offer investment advice, and readers should conduct their own research before making any financial decisions. To stay updated on market insights and trends, subscribe to our newsletter for weekly updates. Make informed decisions and seize investment opportunities with confidence.
