Bet On Crypto

Dogecoin’s Three-Year Channel Breakout Indicates A 500% Surge Potential In 2025

The price of Dogecoin jumped by over 75% in October, hitting $0.172 before the end of the month, the highest amount since May 2024.

Elon Musk, who spoke at Donald Trump's October 27 campaign rally in New York about his plans to save $2 trillion in taxpayer money through his brainchild agency, the Department of Government Efficiency, which, interestingly, shares the same initials as the Dogecoin ticker, DOGE, has been largely responsible for the meme coin's gains.

A technical pattern that Dogecoin is currently displaying has the potential to propel its price skyward toward $1 and higher.

Dogecoin's breakout from a massive symmetrical triangle formation active since April 2021 allows it to surpass $1 during the current bull cycle.

Symmetrical triangles, which are continuation patterns in technical analysis, usually resolve in the direction of the prior trend and rise by the highest amount between the triangle's upper and lower trendlines.

During the 2020–2021 era, the price of Dogecoin showed a symmetrical triangle breakout. In October 2020, it broke above the top trendline of the pattern and then recorded an astonishing 31,375% surge.

The price of DOGE seems to have been approaching a similar breakthrough point as of October 2024.

Trump's Victory Should Raise DOGE's Price

If Trump, renowned for appealing to the same retail base that supports DOGE, wins the 2024 election, the newly formed Musk-Trump relationship may intensify Dogecoin's bullish buzz.

Musk has stated that he will collaborate with the Trump administration on efficiency projects, and the common “D.O.G.E.” abbreviation has fueled rumors and increased Dogecoin's popularity as a meme. That is comparable to his self-proclaimed reputation as the “Dogefather” and his tweets, which helped DOGE soar by 64,000% during the bull market of 2020–2021.

Yana is a writer specializing in the latest crypto trends and news. She consistently shares fresh, useful, and interesting information. Her content is known for its clarity and accessibility. Yana simplifies complex crypto topics, making them accessible to everyone through her articles, blog posts, and newsletters.