U.S. Election Boost! Dogecoin Attempts to Break Key Pattern, Could Surge 10 Times at This Moment?
Dogecoin, influenced by Musk's support and Trump's election, rose 75% in October. Analysts predict it may break $1 in the future, with further upward potential technically.
Dogecoin ($DOGE) performed remarkably in October, accumulating over a 75% increase, reaching a high of $0.172, marking a new high since May 2024, largely driven by Tesla CEO Elon Musk.
According to a report by Cointelegraph, at Trump's campaign rally in New York on October 27, Musk discussed the Department of Government Efficiency plan, which aims to save taxpayers $2 trillion. Interestingly, the English abbreviation for this department, "D.O.G.E," is identical to the token symbol of Dogecoin.
He pointed out that Dogecoin had previously broken above the symmetrical triangle trend line in October 2020, leading to an astonishing cumulative increase of 31,375%. Technically, there is another key indicator supporting the bullish forecast.
In July of this year, Dogecoin's weekly relative strength index (RSI) rebounded from the historical support area near 46. Historical data shows that after consolidation patterns like symmetrical triangles, if the RSI rebounds at support, it usually brings sustained upward momentum.
Gola predicts that if the breakout can be sustained, Dogecoin is expected to reach $1 at some point in 2025, with the final target price potentially reaching $2, an increase of 500% to 1,000% from the current price.
The outcome of the U.S. election will also impact Dogecoin's future trend. Gola believes that if Trump is successfully elected, the effect driving Dogecoin's rise may become more pronounced. Musk's "D.O.G.E." plan has sparked market speculation, reinforcing Dogecoin's meme effect.
This situation is similar to Musk's frequent tweets related to Dogecoin during the last bull market and his self-proclaimed title as the "Dogefather," which led to a cumulative surge of 64,000% for Dogecoin. Data from the blockchain prediction market Polymarket indicates that the probability of Trump being elected is currently 61.4%
