Can DOGE rise further after Elon Musk’s latest Dogecoin interaction?

TL;DR

Dogecoin bounced back above $0.14, potentially boosted by Elon Musk’s recent appearance at a Trump rally and his play with the meme coin. Analysts see the potential for more price upside, with targets as high as $0.175 or higher if resistance levels are broken to the upside. DOGE on the run again

The largest meme coin by total market cap is the 10th best performing cryptocurrency today (October 28). It’s up 6% daily, currently trading well above $0.14.

Price DOGE, Source: CoinGecko

DOGE’s resurgence could be related to Elon Musk’s latest interaction. The Tesla CEO participated in Donald Trump’s rally at Madison Square Garden on October 27, urging people to vote for the Republican in the upcoming presidential election (scheduled for November 5).

He again discussed the establishment of a potential Department of Government Efficiency (DOGE) should Trump enter the White House as the winner. The division would aim for fair taxation for Americans and would be headed by Musk himself.

Soon after, Tesla’s boss posted an interesting photo of him on X. The top part of the image depicts the billionaire flexing during the public speech, while the bottom part shows the Shiba Inu breed (which is looks like the DOGE logo) doing the same pose all the muscles. .

Dogecoin advocates were happy to see the direct reference to their favorite cryptocurrency, with some claiming the move could positively impact the entire meme coin sector.

More DOGE bomb?

Several analysts believe that the asset has yet to experience a substantial increase. Popular X user Ali Martinez predicted a 25% rally to around $0.175 if DOGE breaks through the $0.143 resistance. It is currently trading slightly above this level.

Crypto Candy also weighed in, envisioning a new bull run similar to the one seen in 2021. Recall that DOGE’s valuation exploded from around $0.05 in early April 2021 to over $0.70 a month later (an increase of 1,300%).

$DOGE the OG of MEME broke out in a weekly time frame and started for the next bull run.
Hoping to pull off a run like the previous Bull Run pic.twitter.com/zLHQWsRUwt

— Crypto Candy (@cryptocandy24x) October 28, 2024

For its part, BitBull predicted a massive green candle, taking Dogecoin to $0.60 early next year.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!