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Dogecoin (DOGE) is rallying, adding 70% in October. Elon Musk’s tweet sparked demand, lifting DOGE towards $0.20 in the coming sessions.
At last, the “Uptober” seems to be returning as crypto markets head into highly anticipated earnings reports.
After fears that crypto would not live up to investor and trader expectations in October, Dogecoin, Bitcoin, and other altcoins erupted to fresh highs this week.
Bitcoin is at the top of the list, approaching all-time highs. For meme coin enthusiasts, Dogecoin is also not disappointing.
This month, DOGE is up a whopping +70%, breaching key resistance at $0.15 early this week.
(Source)
The revival is due to improving sentiment (and calls for moonshots across crypto) and partly because of Elon Musk’s influence.
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Will Elon Musk Fuel Another Dogecoin Parabolic Rally?
Musk, the Tesla CEO, is vocal on X and sometimes posts about Shiba Inu, the mascot behind Dogecoin.
Although Musk was previously sued, with some investors claiming his direct endorsement of Dogecoin caused losses, the CEO has been quite subtle in his support in recent weeks.
On October 28, after appearing at a Donald Trump rally in Madison Square, New York, they posted a “muscled up” Shiba Inu, a victorious one.
— Elon Musk (@elonmusk) October 28, 2024
Soon after, DOGE prices followed, ripping above October highs and extending gains from September lows.
As it is, the upward trajectory could continue, especially if Bitcoin and other altcoins edge higher.
Impressively, DOGE is cents away from the all-important $0.20 resistance level and just 33% from 2024 highs.
(DOGEUSDT)
Even though bulls must funnel more capital to sustain the uptrend and edge toward the 2021 all-time high, technical candlestick formation points to strength at press time.
The October 28 through 29 bars are bullish, engulfing, and backed with rising volume, pointing to convicted bulls.
Still, the pace of DOGE expansion and possible 400% spike to an all-time high are related to sentiment and FOMO.
Dogecoin is the original meme coin. The bad news is that there are thousands to choose from, which could explain why prices are not as rapidly growing as they were in 2021.
(Source)
Traders can back GOAT, PEPE, BONK, and numerous others minted at Solana, Ethereum, and Tron.
Despite the stiff competition, how DOGE performs in the short term will be shaped by politics.
A Donald Trump victory could lead to establishing a Department of Governmental Efficiency (D.O.G.E), with Elon Musk as its chair.
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