Crypto Analyst Puts Dogecoin Price As High As $2.4, What Does Elon Musk Have To Do With It?
October 31 2024 - 12:30PM
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The Dogecoin price now looks like it has established support of
around $0.17, having rebounded just below it in the past 24 hours.
With the $0.17 price level cleared, the next step is a convincing
break above $0.18. Interestingly, technical analysis of the
Dogecoin price suggests a strong multi-year resistance level
between $0.18 and $0.20. Technical analysis using Elliot waves
suggests a break above the resistance levels could open up the path
to a peak of $2.4. While this target may seem ambitious, Dogecoin
has attracted renewed popularity and recent price gains, which
reflect its ability to capture investor interest. This is
particularly evident in recent actions by billionaire Elon Musk,
who brought Dogecoin into the mainstream conversation. Crypto
Analyst Says Dogecoin To $2.4, Elon Musk A Huge Factor Aside from
the recent wider increase in crypto prices spearheaded by Bitcoin,
it is evident that the current Dogecoin performance has also been
bolstered by Elon Musk and his “Department Of Government
Efficiency.” Related Reading: End Of The Road For Solana?
Analyst Predicts 77% Price Crash To $40 According to an analysis by
an analyst that goes by @HovWaves on social media platform X,
Dogecoin is prime for a surge to $2.4. As you can imagine, reaching
this level would require Dogecoin to attract investment inflows
from every corner of investor cohorts. Fortunately, recent events
have been drawing increased attention to Dogecoin, one of which is
the presidential election campaigns in the United States. Campaigns
have seen the introduction of the Department of Government
Efficiency by Elon Musk, which is a campaign tactic by Republican
candidate Donald Trump to cut $2 trillion in federal spending.
Although seemingly unrelated to cryptocurrencies, the term has
caught waves among Dogecoin investors, especially as it abbreviates
as DOGE, the Dogecoin ticker. Interestingly, Elon Musk has fueled
this narrative among Dogecoin investors by recently posting a
picture of him alongside the Dogecoin avatar. As HovWaves noted,
all the talk surrounding the Department Of Government Efficiency
has made DOGE a household name in recent weeks. This surge in
interest is reflected in the Dogecoin price, which has increased by
60% since October 1. Dogecoin’s Timeline To Reaching $2.4 According
to technical analysis using the Elliot Wave theory, Dogecoin is
currently on the third impulse wave, a phase known to be massively
bullish. This bullish trend has seen Dogecoin on its way to
breaking above a major resistance level, which HovWaves highlighted
to be just below $0.18. Related Reading: XRP Price Explosion Above
$3 Is A Matter Of When, Not If: Analyst Reveals Timeline A
successful breakout of the resistance level would open up the stage
for Dogecoin to retest its 2024 high of $0.22. A subsequent break
above this high would send it towards its all-time high of $0.73 in
May 2021. With enough momentum, HovWaves predicted Dogecoin would
eventually settle at a price target in the $1.9 to $2.9 confluence
area by July 2025. At the time of writing, Dogecoin is trading at
$0.1725. A break towards $1.9 and $2.9 would reflect 1,000% and
1,585% gains, respectively. Featured image created with Dall.E,
chart from Tradingview.com
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