Dogecoin October Surge Hits Six-Month High: Musk’s Influence Remains Strong

Dogecoin October Surge Linked to Musk’s New Initiative

Dogecoin’s price surged by more than 75% in October, reaching $0.172 before the month’s end—the highest since May 2024. Much of the memecoin’s success can be attributed to Elon Musk. Dogecoin’s price could go above $1 and beyond according to the technical pattern it is currently displaying.

Musk announced his goal of saving $2 trillion in public funds at Donald Trump‘s campaign rally in New York on October 27. He said he would achieve this goal through the organization he created, the Department of Government Efficiency. The interesting point here is that the organization’s Dogecoin ticker has the same initials as DOGE.

Dogecoin Bull Cycle: Can DOGE Reach $1 with Massive Symmetrical Triangle Breakout?

In the current bull cycle, Dogecoin can hit $1 because it broke out of a massive symmetrical triangular pattern that has been in place since April 2021. In technical analysis, symmetrical triangles are continuation patterns that rise by the maximum distance between the triangle’s upper and lower trendlines and usually resolve in the direction of the prior trend.

The price of Dogecoin has shown a symmetrical triangle breakout in the 2020–2021 timeframe. In October 2020, it broke above the top trendline of the pattern, and it then went on to record a remarkable 31,375% surge. The price of DOGE seems to have been approaching a similar breakthrough point as of October 2024.

Dogecoin Targets $1–$2 as Weekly RSI Shows Bullish Pattern: What’s Next for DOGE?

Dogecoin‘s weekly relative strength index (RSI), which recovered from a historical support zone of about 46 in July, is another important indication bolstering the positive outlook. In the past, durable rallies have frequently resulted from RSI support bounces that follow consolidation patterns such as symmetrical triangles. If the breakout holds, this adds weight to the $1–$2 price goal. Compared to current pricing levels, that is a 500–1,000% increase.

On the other hand, DOGE will be more likely to stay inside the range if it breaks below the upper trendline of its huge triangle. This will start with a decrease toward the $0.09–0.07 area, which corresponds with both the triangle’s lower trendline and its 50-week EMA (the red wave).

For more up-to-date crypto news, you can follow Crypto Data Space.