Dogecoin (DOGE) had a strong month in October, with an impressive price increase of more than 75% to a peak of $0.172. This revival was partly stimulated by Elon Musk, who once again fueled the hype surrounding Dogecoin.
Technical indicators also point to a positive outlook for the memecoin. In this article, we explore whether Dogecoin may be poised for an even bigger rise.
The technical picture
The DOGE price has broken out of a three-year symmetrical triangle pattern. This technical breakout, a commonly seen pattern that often leads to further increases, suggests that Dogecoin has the potential to rise towards $1. A similar outbreak in 2020 led to an increase of as much as 31,375%.
The weekly Relative Strength Index (RSI) also indicates a strong buy signal. The technical price target is $1 and possibly even $2. This would mean an increase between 500% and 1,000%. It is crucial that DOGE remains above the trend line.
Trump and Musk as catalysts for DOGE?
The current political situation in the United States also seems to contribute to the positive sentiment surrounding DOGE. Elon Musk, who has been a supporter of Dogecoin for years and once called himself “Dogefather”, plays an important role in this. His support for Donald Trump and likely collaboration to create a new government agency has further fueled enthusiasm among DOGE fans. A victory for Trump could potentially provide a significant boost to DOGE’s share price.
The decentralized betting platform Polymarket currently gives Trump a 64.1% chance of winning the election, while Kamala Harris is at 35.9%. Official polls, however, show a more even contest. Should Trump become president, a pro-crypto policy, combined with the Musk effect, could propel Dogecoin to new heights.
Source: https://newsbit.nl/kan-dogecoin-spoedig-1-dollar-waard-worden/
