Dogecoin Price Prediction: Investors Eye $10 as Elon Musk Sparks Another DOGE Rally

Elon Musk sparks another DOGE Rally and Analysts now eye a breakout above $1.
Dogecoin, Voice of Crypto
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Key Insights

  • The price of Dogecoin jumped strongly over the last 24 hours after an indirect endorsement from Elon Musk.

  • Musk floated his D.O.G.E idea again during a Trump Rally on Monday, causing a 15% price spike.

  • Analysts generally believe that a breakout above $1 is possible for the memecoin.

  • Some other analysts see the memecoin hitting $10 in this cycle or the next.

Dogecoin jumped by an impressive 15% between Monday and Tuesday this week to a high of $0.168.

This happened after billionaire entrepreneur and Tesla CEO Elon Musk referenced D.O.G.E.—his plan to establish a new “Department of Government Efficiency” once again.

Musk made this reference during a Donald Trump rally in New York.

Elon Musk on Stage

Elon Musk on Stage

Interestingly, Musk’s comment wasn’t directly about the DOGE cryptocurrency itself.

Still, this has been more than enough to spark massive buying momentum among fans and traders.

Here’s why Dogecoin could be on the verge of hitting anywhere between $1 and $10 soon.

Dogecoin’s Ongoing Rally

Musk, who is often referred to as the "Dogefather," has been an avid supporter of Dogecoin for years.

He has had a track record of causing Dogecoin price surges with such remarks.

Musk even had a direct role in the memecoin's historic 64,000% surge between March 2020 to May 2021.

So much so that he even got into trouble sometime this year after getting sued by a group of Dogecoin investors for "knowingly manipulating the price of Dogecoin."

His followers have taken Musk's statements on Twitter (X) as "informal endorsements."

However, they still play a major role in influencing the memecoin's already high volatility.

What’s Going on in the Charts?

Dogecoin’s recent upward trend has been in the making for a long time—even before Musk’s comments.

A golden cross on Dogecoin

A golden cross on Dogecoin

The daily chart shows a distinct golden cross formation between the 25- and 99-day exponential moving averages (red and blue lines, respectively).

This cross happened on 17 October, creating one of the first impulse moves for the cryptocurrency even before Musk got on stage.

Golden crosses, for context, typically signify a switch in an asset from bearish to bullish momentum.

The cryptocurrency has continued to climb and is now attempting to close above the $0.165 price level, as illustrated.

Dogecoin must maintain this level to continue trending upwards, with traders now eyeing a possible retest of the $0.171 level in November.

If the current bullish momentum holds, that is.

Investors should also keep in mind that a break below $0.141 would create another possible lower-low.

This could send Dogecoin down again toward the next support level, around $0.122.

Analysts’ Bold Price Predictions

Heavily bullish predictions have begun to fly around for Dogecoin, expectedly.

Crypto analysts on Twitter are starting to forecast bigger things for the cryptocurrency, with some speculating that the recent gains could only be the beginning.

Take crypto analyst Ali Martinez, for example.

Dogecoin to hit $0.175

Dogecoin to hit $0.175

Martinez, in a recent tweet, mentioned that Dogecoin could jump as high as $0.175 if it successfully breaks through its $0.143 resistance—which it has.

Other analysts, like Doge Guy, for example, have predicted a staggering rise to as high as $10 in the next bull cycle.

Others like Dima James Potts also agree, citing a multi-year channel that supports this hypothesis.

Keep in mind that this prediction would require a staggering 65x gain from current levels.

A jump to $10 would also bring Dogecoin’s price close to the $1.5 trillion mark—which is more than Bitcoin’s current capitalization.

DogeGuy does mention, though, that a reasonably optimistic target for the cryptocurrency would be anywhere between $1 and $2.7.

Could DOGE Really Hit $1?

While this jump to 410 might seem slightly overambitious, many analysts believe that a $1 jump is generally achievable.

Many of them have stated that if the cryptocurrency were to achieve massive adoption, such a price jump would not attract that many eyebrows.

For example, if cryptocurrency were to be integrated as a payment option for major corporations—say, Twitter—this could fuel demand.

Higher demand equals higher prices, and the memecoin's worth per token could balloon.

Dogecoin’s history also indicates that it thrives mainly under social media attention, celebrity endorsements, and viral trends.

With this in mind, even though the rallies are shortlived, Dogecoin's status as a memecoin opens it to many possibilities.

Overall, Dogecoin's journey over the years has been impressive yet unpredictable.

While reaching $1 by 2025 would be a reasonable target, the memecoin's fate, in general, could depend on how fast it can evolve from being a mere speculative asset to a mainstream payment method.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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