Can Elon Musk drive the price of DOGE to a 90% price increase?

Dogecoin (DOGE) price raises expectations as it prepares to break out of a bullish descending wedge pattern.

Although small, the support from the market and investors is also noticeable and will help DOGE's recovery.

Dogecoin pushes the limit

Dogecoin price is currently on the verge of turning critical resistance into support, confirming a breakout. One of the big triggers for this rise could be Elon Musk's latest tweet. The Doge's father said he was willing to serve “the efficiency department of the government, the DOGE.”

This is expected to result in an increase in the price of DOGE. The moving average converging divergence (MACD) further supports this potential bullish momentum.

The indicator shows an increase in the overall rate of violence. This indicates that market sentiment is beginning to turn upward, indicating the possibility of a rebound in Dogecoin's price.

Read more: Dogecoin (DOGE) vs Shiba Inu (SHIB): What's the difference?

However, while this is a positive technical signal, other factors could weaken the pace of this recovery. One key concern is the behavior of large investors, commonly known as Wells.

Right now, whalers are only noticing a small increase in their stocks. In the past two weeks, DOGE, a wallet that holds between $100,000 and $10 million, has received only $300 million. This lack of significant inventory from these major players reflects a cautious approach that reflects uncertainty or hesitancy in the market.

Reluctance to increase whale habitats may ultimately slow down the recovery process. Without strong participation from these large investors, the bullish momentum indicated by the MACD may not fully translate into a sustained upward movement in Dogecoin's price.

DOGE Price Forecast: Bullish Push Continued?

Dogecoin price is nearing a breakout from a bullish descending wedge pattern that is trading at $0.1059. The pattern indicates that a 90% increase is ahead of Mame Coin, which puts the target at $0.20.

The above reasons indicate that this rally is not yet confirmed and may take some time. This will happen after $0.1168 is reversed to support to move up to $0.1286.

Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030

However, there is a chance that this crash will fall, as it did in mid-July. This could cause the price of Dogecoin to drop to $0.10 or below, destroying the value of the bullish study and potentially leading to a collapse of the pattern.