Crypto Analyst Puts Dogecoin Price As High As $2.4, What Does Elon Musk Have To Do With It?

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As a seasoned crypto analyst with over a decade of experience in the financial markets, I have seen my fair share of bull runs and bear markets. Yet, the current trajectory of Dogecoin (DOGE) is one that has piqued my interest more than most. The recent surge in popularity, driven in part by Elon Musk’s influence, has been nothing short of remarkable.

Currently, it appears that the Dogecoin price has found stable support near approximately $0.17, as it has bounced back slightly below this point over the past day. If the $0.17 price mark is successfully surpassed, a substantial leap above $0.18 could follow. Notably, technical analysis indicates that there may be a robust resistance level for Dogecoin between $0.18 and $0.20, which has held strong over multiple years.

Analysis utilizing Elliot waves indicates a potential surge above resistance points might pave the way towards a potential high of $2.4. Although this figure appears optimistic, Dogecoin has recently regained traction among investors and experienced price increases, demonstrating its ability to garner interest. This is notably highlighted by recent activities from billionaire Elon Musk, who has contributed significantly to keeping Dogecoin in the spotlight.

Crypto Analyst Says Dogecoin To $2.4, Elon Musk A Huge Factor

Beyond the broad surge in cryptocurrency values, led primarily by Bitcoin, it’s clear that Dogecoin’s recent growth can be attributed not only to the market trend but also to Elon Musk and his “Elon Musk’s Department of Government Efficiency,” which has played a significant role.

Based on an analysis by @HovWaves on social media platform X, it’s suggested that Dogecoin could see a significant rise up to $2.4. To achieve this price point, Dogecoin would need to capture investment interest from various investor groups across the board. Fortunately, recent developments have been shedding more light on Dogecoin, with one such example being the U.S. presidential election campaigns.

The Department of Government Efficiency, proposed by Elon Musk during a campaign, is a tactic used by Republican candidate Donald Trump to reduce federal spending by $2 trillion. This term has gained popularity among Dogecoin investors due to its abbreviation, DOGE, which matches the Dogecoin ticker symbol. Notably, Elon Musk has contributed to this narrative by sharing an image featuring him and the Dogecoin emblem on social media.

Over the past few weeks, I’ve seen quite a buzz about the Department of Government Efficiency, and it seems like everyone’s been talking about DOGE. This sudden attention has propelled Dogecoin into everyday conversations, and as a result, its price has skyrocketed by an impressive 60% since October!

Dogecoin’s Timeline To Reaching $2.4

As per Elliot Wave analysis, we find that Dogecoin is now in the third surging phase (impulse wave), a period often associated with strong bullish sentiments. This positive trend could potentially lead Dogecoin to breach a significant resistance barrier, identified by HovWaves at approximately $0.18.

If Dogecoin manages to surpass its current resistance level, it could potentially reach back to its peak of $0.22 from 2024. Overpowering this peak could propel the cryptocurrency towards its all-time high of $0.73 achieved in May 2021. If Dogecoin maintains its current momentum, HovWaves forecasts a price target ranging between $1.9 and $2.9 by July 2025.

As I type this, a single Dogecoin is going for approximately $0.1725. If we manage to push past the $1.9 and $2.9 marks, that would mean a whopping 1,000% and 1,585% increase in value, respectively!

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2024-10-31 19:34