Can DOGE Soar Even Further After Elon Musk’s Latest Dogecoin Interaction?

TL;DR

• Dogecoin surpassed $0.14 once again, potentially fueled by Elon Musk’s recent appearance at a Trump rally and his playful nod to the meme coin.
• Analysts see the potential for more price hikes, with targets up to $0.175 or higher if resistance levels are broken to the upside.

DOGE on the Run Again

The biggest meme coin in terms of total market capitalization is the best-performing top 10 cryptocurrency today (October 28). It is up 6% daily, currently trading well above $0.14. 

DOGE Price, Source: CoinGecko

DOGE’s resurgence could be linked to Elon Musk’s latest interaction. Tesla’s CEO participated in Donald Trump’s rally at Madison Square Garden on October 27, urging people to vote for the Republican in the upcoming presidential elections (scheduled for November 5).

He once again spoke about establishing a potential Department of Government Efficiency (DOGE) should Trump enter the White House as a winner. The division would aim at fair taxation for Americans and will be spearheaded by Musk himself. 

Shortly after, Tesla’s boss posted an interesting photo of him on X. The upper part of the picture depicts the billionaire flexing during the public speech, while the lower features the Shiba Inu breed (which resembles DOGE’s logo) striking the same pose all in muscles. 

Dogecoin proponents were happy to see the direct reference to their favorite cryptocurrency, with some claiming that the move might positively impact the entire meme coin sector. 

Further DOGE Pump?

Several analysts believe that the asset is yet to experience a substantial increase. The popular X user Ali Martinez predicted a 25% rally to around $0.175 if DOGE breaks above the $0.143 resistance. Currently, it is trading slightly above that level.

Crypto Candy chipped in, too, envisioning a new bull run similar to the one observed in 2021. Recall that DOGE’s valuation exploded from around $0.05 at the start of April 2021 to over $0.70 a month later (a whopping 1,300% spike).

$DOGE the OG of MEME broke out on weekly timeframe and getting started for the next bull run.
Expecting to pull a run like previous Bull Run pic.twitter.com/zLHQWsRUwt

— Crypto Candy (@cryptocandy24x) October 28, 2024

For their part, BitBull forecasted a massive green candle, taking Dogecoin to as high as $0.60 at the beginning of next year.