Dogecoin Surpasses Two-Month High After Elon Musk’s Mention on X, Sparking Crypto Community Excitement
Dogecoin (DOGE) has surged past its previous two-month high, fueled by a recent mention from Elon Musk on X (formerly Twitter). This has reignited interest across the crypto community, especially with speculation surrounding the potential impact of Donald Trump‘s rising poll numbers, which suggest increasing chances of a victory in the upcoming elections.
Currently, the price of DOGE stands at $0.1330, marking a significant 23% increase over the past seven days. Within the last 24 hours alone, the price has risen by 6.8%, a sharp contrast to the broader crypto market, which is down 1.5% as Bitcoin struggles to reclaim the $68,000 mark.
Dogecoin is no stranger to dramatic price surges, especially during bullish market cycles. Historical examples include its meteoric rise of 8,000% in 2017 and an astonishing 23,000% in 2021. With this in mind, the question arises: could DOGE hit the $2 mark by December?
Historic Patterns Point to a Potential $4 Price by March 2025
Dogecoin, which launched in 2013, missed out on the 2012 Bitcoin halving but still benefited from the subsequent market momentum. Over the years, DOGE has demonstrated impressive performance following Bitcoin halvings:
- 2nd Halving (July 9, 2016): DOGE surged by around 8,000% in the 231 days following this event, kicking off a massive bull run.
- 3rd Halving (May 11, 2020): The price soared by an extraordinary 23,000%, peaking during the 2021 bull market just 192 days after the halving.
- 4th Halving (April 20, 2024): DOGE began a breakout 156 days after the halving, suggesting that the 2025 bull run may already be underway. If historical patterns hold, a significant price movement could follow.
By applying a Fibonacci retracement tool, it’s evident that DOGE has bounced from deep into the 0.785 Fibonacci level and is now trending upwards. Should buying pressure continue, DOGE could surge to the 4.236 Fibonacci extension, aligning with a price target of $3.95.
Timing the Bull Run: Can DOGE Maintain Momentum?
Past Dogecoin bull runs have lasted 294 days in 2017 and 168 days in 2021, with an average duration of 231 days. Since the latest breakout began 22 days ago, the meme coin could have around 210 days remaining before reaching a potential peak. This estimate places the peak around May 16, 2025.
Short-Term Outlook: Eyes Set on $0.22 Resistance
In the near term, DOGE has successfully broken out of a falling wedge pattern and confirmed a bullish reversal. Immediate resistance sits at $0.14, and surpassing this level could pave the way for a run to $0.23, a new yearly high. Following that, the next target range would be $0.29 to $0.33, before potentially aiming for its previous all-time highs.
However, if DOGE falls back into the wedge, it could signal weakness in the broader crypto market, turning this breakout into a false signal. In such a scenario, DOGE could decline further, with support likely to be found around the $0.08 to $0.077 levels.
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