Elon Musk has once again made headlines in the crypto world by mentioning Dogecoin while expressing his support for Donald Trump. As a result, the price of DOGE surged, reaching its highest level in three months.

Elon Musk’s Mention of “D.O.G.E.” Sparks a Rally

The recent rally in Dogecoin began after Musk’s comments during a town hall event on October 17, where he endorsed Donald Trump for the upcoming U.S. presidential election in November. During the event, Musk proposed an idea for a government agency named Department of Government Efficiency (D.O.G.E.), coincidentally sharing the same initials as Dogecoin’s ticker symbol.

Elon Musk Mentions DOGE: Dogecoin Rockets to New Heights! = The Bit JournalScreenshot

 

This sparked immediate excitement among Dogecoin enthusiasts, leading to a 25% price increase for the token over the past week. As covered by The Bit Journal, Musk has a well-known history of influencing Dogecoin’s price through his social media posts and public statements. His remarks played a key role in DOGE’s 64,000% rise between March 2020 and May 2021, earning him the title of the “Dogefather” within the crypto community.

Elon Musk Mentions DOGE: Dogecoin Rockets to New Heights! = The Bit Journal

Dogecoin Enters a Falling Wedge Breakout

Crypto analyst Yashu Gola has provided insight into Dogecoin’s technical landscape, noting that the recent gains are part of a breakout from a falling wedge pattern. This formation is traditionally seen by analysts as a signal of an impending bullish reversal, typically resolving once the price breaks above the upper trendline.

Today, DOGE broke out of the falling wedge, testing the upper trendline support near $0.105 before sharply rebounding. According to Gola, Dogecoin could target the next resistance level near $0.19, which aligns with the 0.786 Fibonacci level, by the end of 2024. However, DOGE’s RSI has surged above 70, indicating overbought conditions. This often leads to a period of consolidation or correction, and Dogecoin could potentially retrace to the 0.236 Fibonacci support around $0.122 by the end of October.Elon Musk Mentions DOGE: Dogecoin Rockets to New Heights! = The Bit Journal

As Dogecoin rallies, traders and enthusiasts alike are keeping a close eye on its next moves. The impact of Musk’s words, combined with technical analysis, indicates that the meme coin could see further volatility in the coming weeks.

For more updates on Dogecoin and other developments, stay tuned to The Bit Journal.

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