Dogecoin Price Prediction: DOGE to Hit $2.4 as Elon Musk Becomes a Huge Factor

The Dogecoin price now looks like it has established support of around $0.17, having rebounded just below it in the past 24 hours.

Dogecoin price now appears to have established support around $0.17, having rebounded just below it in the past 24 hours.

With the $0.17 price level cleared, the next step is a convincing break above $0.18. Interestingly, technical analysis of the Dogecoin price suggests a strong multi-year resistance level between $0.18 and $0.20.

Technical analysis using Elliot waves suggests a break above the resistance levels could open up the path to a peak of $2.4. While this target may seem ambitious, Dogecoin has attracted renewed popularity and recent price gains, which reflect its ability to capture investor interest. This is particularly evident in recent actions by billionaire Elon Musk, who brought Dogecoin into the mainstream conversation.

While the recent broader increase in crypto prices is largely attributed to Bitcoin’s performance, it is evident that the current Dogecoin performance has also been bolstered by Elon Musk and his “Department Of Government Efficiency.”

Besides Bitcoin’s performance, which has played a role in the wider crypto price increase, it is evident that the current Dogecoin performance has also been influenced by Elon Musk and his “Department Of Government Efficiency.”

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As an analyst on social media (@HovWaves) observed, Dogecoin is primed for a surge to $2.4. As you can imagine, reaching this level would require Dogecoin to attract investment inflows from nearly all investor groups. Recent events have brought more attention to Dogecoin, including the U.S. presidential campaign.

The campaigns have seen the introduction of the Department of Government Efficiency by Elon Musk, a campaign tactic by Republican candidate Donald Trump to cut $2 trillion in federal spending. While this may not directly relate to cryptocurrencies, the term has created waves among Dogecoin investors, especially since it abbreviates as DOGE, the ticker for Dogecoin. Interestingly, Elon Musk has fueled this narrative among Dogecoin investors by recently posting an image of himself with the Dogecoin avatar.

According to HovWaves, all the talk surrounding the Department Of Government Efficiency has made DOGE a household name in recent weeks. This surge in interest is reflected in the Dogecoin price, which has increased by 60% since October 1.

Technical analysis using the Elliot Wave theory suggests that Dogecoin is currently on the third impulse wave, a phase known to be massively bullish. This bullish trend has seen Dogecoin on its way to breaking above a major resistance level, which HovWaves highlighted to be just below $0.18.

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A successful breakout of the resistance level would open up the stage for Dogecoin to retest its 2024 high of $0.22. A subsequent break above this high would send it towards its all-time high of $0.73 in May 2021. With enough momentum, HovWaves predicted Dogecoin would eventually settle at a price target in the $1.9 to $2.9 confluence area by July 2025.

At the time of writing, Dogecoin is trading at $0.1725. A break towards $1.9 and $2.9 would reflect 1,000% and 1,585% gains, respectively.

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