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Like Many meme coins, Dogecoin is backed by a vibrant community, boasting 3.8 million followers on Twitter (currently X). It is without doubt one of the most followed crypto projects on X.
Dogecoin’s association with Elon Musk is one of a kind, as the billionaire has stated in the past that the meme coin is his favorite cryptocurrency.
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
In 2021, Musk, who owns X, self-proclaimed himself the “Dogefather.” The tweets of the CEO of the largest electric vehicle manufacturer in the world, Tesla, have pumped Dogecoin prices on several occasions, especially in 2021.
Musk’s bid for Twitter, which he ended up paying $44 billion to acquire, saw Dogecoin explode from around $0.058 to $0.1592 in October 2022.
Despite Musk’s support, Dogecoin gets caught up in the ups and downs of the crypto market such that it is down 3.3% in one year to trade at $0.058 at the time of writing – October 14, 2023.
From a technical standpoint, Dogecoin is approaching its bottoming point amid high chances of a substantial rebound in the next few months. The daily chart shows the formation of a potential double-bottom pattern breakout.
This follows DOGE’s retesting of support at $0.058, an area that served as a springboard to the brief rally in June and July this year.
Traders should be on the lookout for how Dogecoin reacts to this potential floor price. An immediate rebound would bring the meme coin closer to the double-bottom breakout, which cannot be validated until the price exceeds the neckline resistance.
The double-bottom breakout would be accompanied by increased trading volume. Therefore, buy orders should be placed slightly above the neckline. Dogecoin price would be expected to climb 39%, which represents the height of the pattern extrapolated above the breakout point to $0.1.
However, it is worth mentioning that the momentum indicator—the Moving Average Convergence Divergence (MACD) warns that bulls don’t have the reins yet and that dips could still occur before the Dogecoin price begins to reverse the trend. The indicator will flip bullish with the blue MACD line crossing above the signal line while trending upwards.
As for whether Dogecoin can hit $1 will depend on how aggressive the next bull run will be. Adoption by X as the token to support crypto payments on the platform could be the catalyst that gets DOGE closer to its $1 target.
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