Crypto Assets analyst pushes DOGE price to $2.4, what's the relationship with Elon Musk?
The price of DOGE seems to have established a support level around $0.17, and rebounded slightly below that level in the past 24 hours. With the $0.17 level broken, the next step is to convincingly break through $0.18. Interestingly, Technical Analysis of the DOGE price indicates a strong resistance level between $0.18 and $0.20 for many years.
Using Elliott Waves for Technical Analysis indicates that breaking through the resistance level may open the way to a peak of $2.4. Although this target seems ambitious, DOGE has been gaining popularity again, with recent price pumps reflecting its ability to attract investor interest. The actions of billionaire Elon Musk have been particularly noticeable in bringing DOGE into the mainstream conversation.
In addition to the recent pump in cryptocurrency prices led by BTC, it is obvious that Dogecoin's current performance has also been boosted by Elon Musk and his "Government Efficiency Department".
According to the analysis of a analyst named @HovWaves on the social media platform X, DOGE is expected to soar to $2.4. It can be imagined that to reach this level, DOGE needs to attract investment inflows from all corners. Fortunately, recent events have led to more attention to DOGE, one of which is the U.S. presidential campaign.
During the campaign, Elon Musk launched the 'Department of Efficiency in Government', which was a campaign strategy adopted by Republican candidate Donald Trump to cut $2 trillion in federal spending. Although this term seems unrelated to cryptocurrency, it caused a sensation among DOGE investors, especially because it is abbreviated as DOGE, the code for DOGE. Interestingly, Elon Musk recently posted a photo of himself with a DOGE avatar, which sparked this speculation among DOGE investors.
As HovWaves pointed out, all the discussions around the efficiency of the government in recent weeks have made DOGE a household name. The price of DOGE has pumped by 60% since October 1, reflecting a surge in interest in DOGE.
According to Elliott Waves Technical Analysis, DOGE is currently in the third wave of the impulsive wave, which is considered a significant bullish phase. This bullish trend has already pushed DOGE through the major resistance level, and HovWaves indicates that this resistance level is slightly below $0.18.
Breaking through the resistance level will open the stage for DOGE to retest its 2024 high of $0.22. Subsequently, breaking this high will bring it to its all-time high of $0.73 in May 2021. If the momentum is strong enough, HovWaves predicts that DOGE will eventually stabilize in the convergence area of $1.9 to $2.9 in July 2025.
The current trading price of Dogecoin is $0.1725. Breaking through $1.9 and $2.9 will reflect increases of 1,000% and 1,585% respectively.
(Data source: Scott Matherson)