#doge⚡
By 2025, will the price of Dogecoin reach $1?
Elon Musk's influence combined with Donald Trump's support may make Dogecoin even more popular.
In October, Dogecoin's price surged by over 75%, reaching $0.172, which is a new high since May. Looking at the trend of Dogecoin, by 2025, the price could soar by 500%, approaching the $1 mark.
Speaking of this, what does the breakout of Dogecoin over the past three years mean?
The potential for Dogecoin to hit $1 mainly comes from its recent breakout of a large symmetrical triangle pattern that started in April 2021. In technical analysis, this type of symmetrical triangle is often a continuation pattern, which usually continues along the previous trend.
Dogecoin experienced such a symmetrical triangle breakout between 2020 and 2021. At that time, Dogecoin broke through the upper trend line in October 2020, resulting in a price surge of 31,375%!
Looking at the Dogecoin price chart from October, it seems that this cryptocurrency is about to experience another major breakout. According to technical rules, Dogecoin could really reach $1 by 2025, and in the coming years, it might even rise to $2.
Dogecoin's weekly relative strength index (RSI) is also a good sign. In July, the RSI rebounded from the historical support level of 46. Previously, such rebounds were often accompanied by consolidation patterns like the symmetrical triangle. Therefore, if this breakout can stabilize, the goal of Dogecoin reaching $1 to $2 becomes more reliable, which means a potential increase of 500% to 1000% from the current price.
Let's talk about the influence of Elon Musk and Donald Trump on Dogecoin's price.
Currently, Dogecoin's trading price is $0.1701, having risen by 24.57% over the past week.
Why has Dogecoin surged so much recently? It may be related to Elon Musk attending Donald Trump's campaign rally in New York on October 27.
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