Dogecoin Rallies Following BTC Suit & Elon Musk’s DOGE Reference at Trump Rally

Popular memecoin, Dogecoin(DOGE) seems to be riding high on green candles, as it continues its rally with over 7% jump, following the surge of Bitcoin(BTC) and Elon Musk’s latest indirect reference of DOGE at a rally to support Presidential candidate Donald Trump.

Market analysts believe Dogecoin is testing a key weak high, with strong buyer momentum and multiple Breaks of Structure (BOS) signaling a potential breakout. With a solid support around 16-17B, a push past resistance could send the most popular memecoin flying beyond 19B!

Another analyst noted the similarity between Bitcoin’s run and that of DOGE. X user and trader, @Bluntz_Capital pointed out the pattern saying that since inception, $DOGE “always runs the hardest and most vertically, right towards the end of the cycle after btc is usually already trading at ATH”.

the thing with $doge is, basically since inception, it always runs the hardest and most vertically, right towards the end of the cycle after btc is usually already trading at ATH’s, like legit from rock bottom to 30x in the space of a few weeks.

and unless you’ve been around for… pic.twitter.com/PTBMizjo1p

— Bluntz (@Bluntz_Capital) October 17, 2024

The prediction does try to indicate that the rally would not halt easily even as DOGE is already trading at $0.1327 and BTC is trading at $67,782, at the time of writing.

Courtesy: Coinmarketcap

The jump in Dogecoin also follows Elon Musk’s recent indirect reference to the Department of Government Efficiency or as he called it “DOGE” during a town hall in Pennsylvania, where he expressed support for the GOP presidential candidate Donald Trump. As soon as degens heard the term DOGE, the market showed an adrenaline rush and Dogecoin spiked over 8% in the last 24 hours, extending a bullish trajectory that saw DOGE gaining around 26% over the week.

Explaining how the Department of Government Efficiency (DOGE) will give power back to the people, Musk said, “They seem to forget the money being spent is YOUR MONEY and if it’s not being spent in a way that’s beneficial to the American people, it’s a misuse of funds.”

Also Read: Dogecoin Gains 6% Today: Can DOGE Reach $0.14 by the Weekend?