Dogecoin (DOGE) Surges 36% in a Week, Touches Three-Month High of $0.147

Dogecoin (DOGE) surged by approximately 36% week-to-date, reaching $0.147 on Oct. 19, its highest level in three months.

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Dogecoin (DOGE) price soared by approximately 36% week-to-date, reaching $0.147 on Oct. 19, marking its highest level in three months. This jump occurred during a broader crypto market rally, where Bitcoin (BTC) and Ethereum (ETH) posted smaller gains.

However, the sharp DOGE increase appears to be driven by its ongoing association with billionaire entrepreneur Elon Musk, who recently tweeted about the memecoin, sparking further speculation around its price trajectory.

Dogecoin’s price movements have been closely tied to Elon Musk’s statements, with its recent surge largely attributed to the billionaire’s Oct. 15 tweet, “D.O.G.E will fix it,” in response to California’s restrictions on his SpaceX operations.

The market reacted swiftly, pushing DOGE’s price higher. Just two days later, Musk doubled down on the narrative during a town hall event where he discussed a potential “Department of Government Efficiency” (D.O.G.E.), a government body tied to Trump’s campaign proposals.

During the event, Musk directly mentioned DOGE, causing the memecoin’s price to jump nearly 9%. This confirms that despite being a decentralized token, Dogecoin’s price action remains disproportionately influenced by Musk’s public comments and online presence.

Although the memecoin’s sensitivity to Musk’s whims and posts has decreased over the years, the fact remains that the Tesla founder still has a strong hold on the canine-themed memecoin.

With the token already up 25% this week, it showcases the ongoing power of speculative hype over actual utility, a trend that has been a hallmark of DOGE price movements since 2021.

Dogecoin’s dependence on Musk raises concerns about the sustainability of its rally, as its success hinges more on Musk’s whims rather than underlying market fundamentals.

The DOGE USD pair broke out of the ‘falling wedge’ pattern, which is a bullish technical setup. The token would need to break past the $0.15 price mark to generate any trust in the current breakout.

Two converging downward trendlines that connect lower highs and lower lows form the falling wedge, a bullish reversal. The narrowing structure shows that, despite the ongoing downtrend, the bearish momentum is gradually weakening, often preceding an upward breakout.

The key feature of a falling wedge is that the slope of the lower trendline is steeper than that of the upper trendline, indicating that selling pressure is dissipating. When the breakout occurs—typically upward—it signals buyers taking control.

To estimate the potential price target after a breakout, traders measure the vertical distance between the widest points of the wedge and project that range from the breakout point upwards. Increased trading volume during the breakout confirms the strength of the reversal, reinforcing market confidence and the likelihood of success.

According to technical analysis rules, Dogecoin price might rally nearly 84% from its current level to reach the pattern’s projected target of around $0.25.

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