Dogecoin (DOGE) has risen over the weekend due to Elon Musk, who spoke at a Pittsburgh Town Hall meeting. Musk, a long-time supporter of Dogecoin, stated that while he’s not “actively involved” in crypto, he just likes Dogecoin.
His remarks coincided with an upward trend in DOGE’s price, reinforcing the belief among analysts that his subtle endorsements continue to influence the memecoin’s market performance.
Analysts Link Dogecoin Surge to Musk’s Influence
Currently, Dogecoin rallied to $0.14410, up by 1.38% from the previous day, and the cryptocurrency has been on an upward trend for the past week.
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Analyst Bitcoin Budhaa adds this is part of a parabolic advance, boosted by Musk.
“Elon Musk’s subtle support is helping drive hype around Dogecoin, suggesting the coin’s role could expand,” Bitcoin Budhaa stated, adding that integration of DOGE into X’s payment method in the future can help increase the price of Dogecoin.
Bitcoin Budhaa’s technical analysis also pointed at a descending channel breakout that happened earlier this month in October. Dogecoin broke through the upper trendline, signaling the end of a long-term downtrend that had persisted since April 2024.
Currently the price is near its support zone around $0.12089, and many analysts predict that the next resistance level at $0.16964 will also be breaching in the near future.
A breakout at this level may extend the possibility towards the $0.22884 resistance and subsequently higher.
DOGE Momentum Supported by Technical Indicators
This is evidenced by Dogecoin’s present price trend which concurs with technical signals pointing to further bullish
The current MACD line is at 0.00844, which is above the signal line at 0.00500, so the upward trend is still good.
Further, the RSI is currently at 76.35 which is overbought and this may cause momentarily consolidation or pullback in the near term.
Analyst Ali Martinez added that the TD Sequential indicator showed a bearish setup with a sell signal on the daily chart, possibly indicating a temporary period of consolidation before the price rallies higher.
Despite the possible correction, analysts maintain a positive outlook, predicting that Dogecoin could soon break through key resistance levels as investor sentiment remains strong.
Key Support and Resistance Levels for DOGE
As we can see, there is a clear upward trend in Dogecoin at a current support of key levels. Recent trading above $0.12089 created a new support line and the next target is a resistance at $0.16964.
Should the price break above this level, the next target is $0.22884, a key resistance level that could trigger further upward movement if surpassed.
Even with overbought indications as represented by RSI most analysts expect a slight correction but the general forecast for price direction remains bullish. Technical factors, optimism in the market and Musk’s standing make it possible to find more increases in prices.
Traders should monitor the market closely, particularly the $0.14975 resistance level, as it could serve as an important point for potential price fluctuations.
Still, the long-term picture of Dogecoin still remains bullish, so several analysts expect further increases in the upcoming months.
