Dogecoin price now appears to have established support around $0.17, after recovering just below this level over the past 24 hours. With $0.17 cleared, the next step is a convincing break above $0.18. Interestingly, Dogecoin price technical analysis shows strong multi-year resistance between $0.18 and $0.20.
Technical analysis using Elliot Waves suggests that a break above the resistance level could pave the way to a top of $2.40. While this target may seem ambitious, Dogecoin has seen renewed popularity and a recent price surge, reflecting its ability to attract investor interest. This is particularly evident in the recent actions of billionaire Elon Musk, who has brought Dogecoin into the mainstream conversation.
Cryptocurrency analyst states that Dogecoin will reach $2.4, with Elon Musk being a key factor.
Alongside the recent widespread increase in cryptocurrency prices led by Bitcoin, it is clear that the current performance of Dogecoin is also supported by Elon Musk and his "Government Efficiency Department".
According to the analysis of an analyst named @HovWaves on the social media platform X, Dogecoin is on track to rise to $2.4. As you can imagine, to reach this level, Dogecoin will need to attract investment capital from every corner of the investor group. Fortunately, recent events have drawn increasing attention to Dogecoin, one of which is the presidential election campaigns in the United States.
The campaigns have seen the emergence of Elon Musk's Government Efficiency Department, a campaign strategy by Republican candidate Donald Trump to cut $2 trillion in federal spending. Although seemingly unrelated to cryptocurrency, this term has gone viral among Dogecoin investors, especially since it abbreviates to DOGE, the trading code for Dogecoin. Interestingly, Elon Musk has boosted this narrative among Dogecoin investors by recently posting a picture of himself next to the Dogecoin mascot.
As HovWaves noted, all the discussions surrounding the Government Efficiency Department have made DOGE a household name in recent weeks. This increased interest is reflected in the price of Dogecoin, which has risen 60% since October 1.
The timeline for Dogecoin to reach $2.4
According to technical analysis using Elliott Wave theory, Dogecoin is currently in its third impulse wave, a stage known for strong bullish trends. This bullish trend has seen Dogecoin on track to break through the major resistance, which HovWaves emphasizes is just below $0.18.
Successfully breaking the resistance threshold will pave the way for Dogecoin to retest the 2024 high of $0.22. A subsequent breakout above this high will take it to an all-time high of $0.73 in May 2021. With enough momentum, HovWaves predicts that Dogecoin will eventually stabilize at a target price in the confluence range of $1.9 to $2.9 by July 2025.
At the time of writing, Dogecoin is trading at $0.1725. Breaking the levels of $1.9 and $2.9 would reflect increases of 1,000% and 1,585%, respectively.
