Amidst the fluctuations within the meme coin market, Dogecoin has showcased promising upward momentum. Dogecoin’s price has been on an uptrend following the rise of altcoins in Q4. According to crypto analyst Javon Marks, Dogecoin might see new highs with over 405% predicted gains. The Dogecoin price has surged by over 5% over the past day to trade at around the $0.148 mark.
Moreover, Ali Martinez has also predicted a 25% surge to around the $0.175 mark if Dogecoin breaks past its key resistance level of $0.143.
Dogecoin price surged by more than 75% in October to reach $0.172 ahead of the month’s close, its highest level since May 2024.
The gains could be largely attributed to Elon Musk as he had shared his plans at Trump’s New York campaign rally on Oct. 27, of saving $2 trillion in taxpayers’ money through his brainchild agency, the Department of Government Efficiency, which interestingly has the same initials as the Dogecoin ticker, DOGE.
DOGE Entering A Breakout?
Notably, Dogecoin is now displaying a technical pattern that could take its price higher towards $1 and beyond. This stems from its breakout from a giant symmetrical triangle pattern which has been active since April 2021.
Dogecoin price has demonstrated a symmetrical triangle breakout during the 2020-2021 period, where it broke above the pattern’s upper trendline in October 2020 and followed that up with an astonishing 31,375% rally.
As of October 2024, DOGE’s price looks like it is entering a similar breakout stage. DOGE’s price is eyeing $2 as its potential upside target in the coming years, with a potential of reaching $1 in 2025.
Additionally, what supports this bullish viewpoint is Dogecoin’s weekly relative strength index (RSI), which leaped from a historical support zone of around 46 in July.
Could Trump Win Impact DOGE Price?
The newfound Musk-Trump accord could further boost Dogecoin’s hype if Trump wins the 2024 election.
Musk has also confirmed that he will work with the Trump administration on efficiency initiatives, with the shared “D.O.G.E.” acronym raising speculation and strengthening Dogecoin’s meme appeal.
