Elon Musk’s Midas Touch: Dogecoin Soars, Eyes $2.4 Target in Jaw-Dropping Rally
[뉴욕=박재형 특파원] Dogecoin (DOGE) recently secured a strong support level at $0.17 and rebounded slightly over the past 24 hours, and now the next goal appears to be to overcome the important resistance level of $0.18, NewsBTC reported on the 31st (local time).
According to Dogecoin’s long-term technical analysis, the $0.18 to $0.20 range has established itself as a strong resistance level that has been maintained for several years.
Technical analysis based on Elliott Wave Theory predicts that the price of Dogecoin could rise up to $2.4 if it breaks this resistance line.
This price target may seem a bit high, but Dogecoin has recently become popular again and continues to attract investor attention, so the possibility cannot be ruled out. This trend is coupled with the influence of Elon Musk, who made Dogecoin a mainstream topic.
While the overall cryptocurrency market has recently shown an upward trend led by Bitcoin, Dogecoin’s upward trend also appears to have been greatly influenced by Musk.
In particular, the ‘Department of Government Efficiency’ mentioned by Musk is becoming a hot topic among Dogecoin investors. This is a policy department introduced by Republican presidential candidate Donald Trump with the goal of reducing federal spending by $2 trillion, and attracted the attention of investors by using the same abbreviation as the Dogecoin ticker (DOGE).
Source: HovWavesHovWaves, an analyst active on Twitter, predicted that this trend would have a positive effect on the Dogecoin price.
He explained that Dogecoin is currently in the third upward wave of the Elliott Wave theory, and that this phase is likely to continue its strong upward trend. He also mentioned that Dogecoin is likely to break the important resistance level of $0.18 soon.
Dogecoin prices have risen about 60% from October 1st to present, and if this upward trend continues, it is expected that more investors will flow in.
Breaking news through Block Media Telegram (click)
Dogecoin reignites discussion of possibility of breaking $1… Will the upward momentum continue?