Dogecoin price is now as it was before established support around $0.17, after rebounding just below that over the past 24 hours. Once the $0.17 price level is cleared, the next step will be a convincing break above $0.18. Interestingly, technical analysis of Dogecoin price suggests a robust multi-year resistance level between $0.18 and $0.20.

Technical analysis using Elliot Waves suggests that a break above resistance levels could open a path to a top at $2.40. While this goal may seem ambitious, Dogecoin has attracted renewed attention popularity and recent price increaseswhich reflect its ability to attract investor interest. This is especially evident in the recent actions of billionaire Elon Musk, who brought Dogecoin into the mainstream discussion.

Crypto analyst says Dogecoin is trading at $2.4 and Elon Musk is a huge factor

In addition to the recent broader rally in cryptocurrency prices spearheaded by Bitcoin, it is clear that Dogecoin’s current performance has also been boosted by Elon Musk and his “Department of Government Efficiency.”

According to analysis According to analyst @HovWaves on social media platform X, Dogecoin is poised to surge to $2.4. As you can imagine, reaching this level would require Dogecoin to attract an influx of investment from every corner of its investor cohorts. Fortunately, recent events have drawing more attention to Dogecoin, one of them is campaign before the presidential elections in the United States.

The campaigns saw introduction Elon Musk’s Department of Government Effectiveness, which is Republican candidate Donald Trump’s campaign tactic to reduce federal spending by $2 trillion. Although seemingly unrelated to cryptocurrencies, the term has made waves among Dogecoin investors, especially DOGE for brief, or Dogecoin ticker. Interestingly, Elon Musk fueled this narrative among Dogecoin investors by: I’ve been posting lately his photo next to the Dogecoin avatar.

As HovWaves noted, in recent weeks all the discussions surrounding the Department of Government Efficiency have made the name DOGE a household name. This augment in interest is reflected in the price of Dogecoin, which has increased by 60% since October 1st.

Dogecoin timeline to reach $2.4

According to technical analysis using Elliot Wave theory, Dogecoin is currently in its third impulse wave, a phase that is known to be massively bullish. This bullish trend has put Dogecoin on track to break above main resistance level, which is just under $0.18 according to HovWaves.

A successful break of the resistance level would set the stage for Dogecoin to retest the 2024 high of $0.22. Another break above this high would take the stock to an all-time high of $0.73 in May 2021. HovWaves predicted that with enough momentum, Dogecoin would eventually reach its price target in the confluence area of ​​$1.9 to $2.9 by July 2025.

At the time of writing, Dogecoin is trading at $0.1725. A break towards $1.9 and $2.9 would represent an augment of 1,000% and 1,585%, respectively.

Featured image created with Dall.E, chart from Tradingview.com