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Dogecoin (DOGE) price soared over 75% in October 2024, reaching $0.172. This was partly due to Elon Musk discussing his plans to save $2 trillion through his Department of Government Efficiency (DOGE). The cryptocurrency is showing a pattern suggesting it could reach $1 or more, based on breaking out of a 3-year symmetrical triangle. In 2020-2021, a similar breakout saw a huge 31,375% rally. DOGE is expected to hit $2 in the future and possibly reach $1 by 2025. However, if it falls below the triangle’s upper line, the price could dip to $0.09-0.07.

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Dogecoin (DOGE) price shot up more than 75% in October to reach $0.172 before the end of the month, hitting its highest level since May 2024. The internet’s favorite meme cryptocurrency gained thanks to Elon Musk, who spoke about his plans to save $2 trillion in taxpayers’ money through his brainchild agency, Department of Government Efficiency, at Donald Trump’s New York campaign rally on Oct. 27. Funny enough, the acronym of the agency is DOGE, the same as Dogecoin.

Now, Dogecoin is showing a pattern that indicates it might be headed for the $1 mark, and maybe even beyond. This is based on DOGE breaking out of a 3-year-long symmetrical triangle. In simple terms, symmetrical triangles are patterns that signal a continuation of the previous trend, increasing by as much as the maximum distance between the triangle’s upper and lower lines.

Back during 2020-2021, Dogecoin price had a similar breakout, where it broke above the pattern and saw a massive 31,375% rally. As it stands in October 2024, DOGE price seems to be having a similar moment. If everything goes to plan, DOGE’s price is expected to hit $2 in the coming years, possibly reaching $1 as early as 2025.

Another positive signal comes from Dogecoin’s weekly relative strength index (RSI), which bounced from a support zone around 46 in July. In the past, RSI support bounces following patterns like symmetrical triangles often result in sustained rallies, reinforcing the $1 to $2 price target. That’s an increase of 500-1,000% from the current price!

However, if DOGE falls below the symmetrical triangle’s upper line, we might see it continue within range, potentially kicking off a dip towards the $0.09-0.07 mark. If Trump, who is popular among DOGE fans, wins the 2024 election, Dogecoin has the potential to benefit from the hype.

Musk has announced he will collaborate with the Trump administration on efficiency projects, with their shared “D.O.G.E.” acronym stirring curiosity and boosting Dogecoin’s meme status. This is similar to Musk’s tweets and his nickname as the “Dogefather,” which helped DOGE rise by 64,000% during the 2020-2021 bull market. Betting site Polymarket currently gives Trump a 64.1% chance of winning the 2024 election.

Nevertheless, remember that investing is always risky, and it’s important to do your own research before making any decisions.

Source: Cointelegraph