The leading meme coin, Dogecoin, could be set to benefit from the Elon Musk influence yet again, as DOGE is facing a monumental 90% rally. Indeed, the asset could be poised to skyrocket due to Musk’s recent D.O.G.E. post to X (formerly Twitter). The post could be just what the asset needs.
The token is facing a descending wedge pattern. Moreover, the bullish indicator has the crypto market expecting a breakout. The self-proclaimed Dogefather could be the catalyst yet again. The Tesla and SpaceX CEO may be what the meme coin needed to have that breakout come to fruition.
Also Read: Ripple (XRP) & Dogecoin (Doge) Price Prediction For September 2024
Musk Does it Again? DOGE Eyes Massive Rally
The last several weeks have not been great for DOGE. The token has lost more than 20% of its value in the last 30 days, according to CoinMarketCap. Yet, a turnaround may already be taking place. The last 24 hours have seen the crypto increase more than 2% to reach its current $0.10 level.
The incoming surge may benefit from one man. Indeed, Dogecoin could be set to benefit from Elon Musk once again, with the asset looking to surge a remarkable 90%. Responding to Donald Trump’s offering him a position in his administration, Musk posted an image of him in front of a “Department of Government Efficiency” sign. Moreover, it aptly served as an acronym for “D.O.G.E”
That is expected to be huge for the asset’s value. Indeed, this moving average convergence divergence (MACD) affirms that there is a lot of bullish potential building up. Momentum is only growing as the market starts to shift its sentiment. Therefore, giving more credence to the idea that the token could be set for a massive breakthrough.
Also Read: Elon Musk: Plan to Slash Gov Spending – A Crypto Savior?
Currently, the descending wedge is trading at $0.1059. Moreover, it suggests the potential target price is $0.20, which is a 90% jump from its current level. Yet, DOGE whales remain a point of contention. Those large-scale holders have shown a reluctance to increase holdings in recent weeks. Only $300 million in inflow have found these wallets in the past 14 days.
Either way, the rally should take some time to develop. The breakout would be confirmed at $0.1168, with a support rising to $0.1286. However, there is the chance the breakout is invalidated, leading the asset to remain at the $0.10 level.
