Is Elon Musk Behind the Latest Dogecoin Price Jump?

• Dogecoin (DOGE) has surged over 19% in the past 24 hours, reaching an intraday high of $0.1684.
• Elon Musk’s recent social media post might have contributed to increased interest in Dogecoin.

The crypto market kicked off an exciting “uptober” rally at the end of the month, with Bitcoin (BTC) inching closer to the $71.5K zone, its highest level since June. This bullish trend spilled over to major cryptocurrencies, including memecoins such as Dogecoin (DOGE). In the past 24 hours, DOGE has surged by over 19% and recorded an intraday high of $0.1684.

This surge is largely triggered by rising interest in Dogecoin futures, which are approaching levels not seen since April ignited by tech mogul Elon Musk’s latest post on X (formerly Twitter).

Musk’s involvement has not gone unnoticed. Following his appearance at the Trump rally, he tweeted a humorous meme featuring himself alongside the DOGE avatar, further fueling the excitement around the token. Many traders are interpreting this price surge as a reflection of “Trump’s growing popularity,” adding to the hype.

Dogecoin posted a 19% gain in a single day, as traders took notice after it was mentioned during a Donald Trump campaign event, despite its prolonged sluggish altcoin market. Since then, the open interest for Dogecoin has climbed over 36% in just the last day, reaching $1.32 billion. 

The connection between DOGE and Trump has been further solidified by Musk’s recent proposal for a “Department of Government Efficiency,” cleverly abbreviated to D.O.G.E., aimed at reducing U.S. government spending. 

Dogecoin Shows Bullish Sentiment

Since hitting monthly lows around $0.106 on Oct 11, Dogecoin has seen an increase in volatility and trading volume, suggesting a bullish sentiment among market participants. Currently, DOGE is trading at $0.1656, with a daily trading volume exceeding $3.78 billion—an increase of more than 140%. 

Technical indicators also support this bullish outlook. According to TheNewsCrypto’s Dogecoin price prediction, the meme coin has formed a “rounding bottom pattern,” hinting at a potential long-term price reversal. This shift in sentiment suggests that the market is moving from bearish to bullish.

Further, the MACD indicates strong bullish momentum, with a value of 0.00669 above its signal line at 0.0036. Additionally, the Bollinger Bands reveal that DOGE is trading above the upper band, signaling robust upward momentum that might lead to overbought conditions.

If Dogecoin maintains its upward trajectory, it could soon test the key resistance level at $0.1756, where it has previously encountered selling pressure. Then $0.198 may emerge as the next significant resistance point.

However, Dogecoin is now in an overbought zone, a price correction may occur as traders take profits. In such a scenario, the historical support level of $0.144 could come into play, providing a safety net for buyers. Another potential support level is $0.0786, which may serve as support for future corrections.