Elon Musk ahead, Dogecoin behind: Is a DOGE rally coming?

Dogecoin (DOGE), which gained over 75 percent in October, reached $ 0.172 before the monthly close, reaching its highest level since May 2024. Elon Musk's statements were behind the rise in question. Musk introduced the Department of Government Efficiency agency with the abbreviation DOGE at Donald Trump's New York rally. Crypto investors argued that Musk was trying to bring $DOGE to the forefront again.

DOGE, which entered an upward trend under Musk's influence, broke out of a symmetrical triangle formation and opened the doors to a potential rally. In a prepared graphic analysis, it was emphasized that DOGE could achieve a 500 percent increase. If the said rise occurs, the DOGE price could reach $ 2.

DOGE, which broke the symmetrical triangle formation that has been active since April 2021, gained significant momentum. Crypto analysts predicted that DOGE would be priced between $1 and $2.

Analysts compared DOGE's symmetrical formation breakout to the 2020-2021 period. During the period in question, DOGE price achieved a 31,375 percent increase with a similar breakout. The symmetrical triangle formation, which is frequently used in technical analysis, is interpreted as the beginning of a potential rally.

"According to technical calculations, DOGE could reach $1 in 2025. The popular memecoin has the potential to eventually see $2. This means an increase of 500 percent to 1,000 percent from current price levels."

Another important indicator supporting DOGE's rise was the Relative Strength Index (RSI). In the RSI, which showed signs of recovery, there were signals that the price would gain a strong rise. According to historical data, the positive outlook in the RSI and the breakout in the symmetrical triangle formations resulted in a bull run.

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