Crypto Analyst Predicts Dogecoin Could Reach $2.4 Amid Increased Interest
The Dogecoin price has established support around $0.17, rebounding just below this level in the past 24 hours. A convincing break above $0.18 is needed to progress further, with a significant resistance range identified between $0.18 and $0.20.
Technical analysis using Elliot waves indicates that breaking these resistance levels could lead to a peak of $2.4. This target is supported by renewed interest in Dogecoin, partly due to Elon Musk's influence in mainstream discussions.
Crypto Analyst Predicts Dogecoin at $2.4, Influenced by Elon Musk
Recent increases in cryptocurrency prices, led by Bitcoin, have positively impacted Dogecoin, particularly due to Elon Musk's involvement with his "Department Of Government Efficiency."
Analyst @HovWaves suggests Dogecoin is poised for a rise to $2.4, requiring broad investment inflows. Recent events, including the U.S. presidential election campaigns, have drawn attention to Dogecoin, especially due to Musk’s promotion of the Department of Government Efficiency, which abbreviates to DOGE, the Dogecoin ticker. Musk has recently shared content related to Dogecoin, enhancing its visibility among investors.
As noted by HovWaves, discussions about the Department of Government Efficiency have made DOGE widely recognized, contributing to a 60% increase in Dogecoin's price since October 1.
Dogecoin’s Path to $2.4
According to Elliot Wave theory, Dogecoin is currently in a bullish third impulse wave, aiming to break above a key resistance level just below $0.18.
A successful breakout could allow Dogecoin to retest its 2024 high of $0.22. Further movement above this high may lead towards its all-time high of $0.73 reached in May 2021. If momentum continues, HovWaves predicts Dogecoin could reach a price target in the $1.9 to $2.9 range by July 2025.
Currently, Dogecoin is trading at $0.1725. Achieving prices of $1.9 and $2.9 would represent gains of 1,000% and 1,585%, respectively.
