The U.S. election boost! DOGE tries to break through the key pattern. Will it pump 10 times at this time?

DOGE has performed well in October: US election, Musk's assistance.

DOGE ($DOGE) has performed well in October, with a cumulative increase of over 75%, reaching a high of $0.172 at one point, setting a new high since May 2024. Its rise is mainly influenced by the CEO of TSL, Elon Musk.

According to a report by Cointelegraph, on October 27th at Trump's New York campaign rally, Musk discussed the Department of Government Efficiency plan, which aims to save taxpayers $2 trillion. Interestingly, the English acronym for this department is 'D.O.G.E', which is exactly the same as the token symbol for the shitcoin 'dog'.

Further Reading: Musk Strikes Again! Trump Rally Mentions D.O.G.E Plan, DOGE Pumps 12% and Soars to a 5-Month High

Analyst: Could Break $1 Magnesium by 2025, Even Surge to $2 Magnesium

"Cointelegraph" financial analyst Yashu Gola pointed out that the weekly trend of DOGE shows that it has broken out of the symmetrical triangle pattern since April 2021 and has entered another breakthrough phase recently.

Gola said that in Technical Analysis, a symmetrical triangle is usually a continuation pattern and tends to break in the direction of the previous trend, with potential gains reaching the maximum distance between the upper and lower trend lines of the triangle.

He pointed out that DOGE had broken above the symmetrical triangle trend line in October 2020, resulting in an astonishing increase of 31,375%.

From a technical standpoint, there is another key indicator supporting the bullish prediction. In July of this year, the relative strength index (RSI) on the weekly chart of DOGE rebounded from the historical support area near 46. Historical data shows that after consolidation patterns such as symmetrical triangles, a rebound in RSI at the support level usually brings about a sustained upward trend.

According to Gola's prediction, if the breakthrough continues, DOGE is expected to reach $1 at some point in 2025, and the ultimate target price could reach $2, a rise of 500% to 1,000% from the current price.

Image source: Cointelegraph Financial Analyst Yashu Gola analyzes the weekly trend of DOGE.

Technical Risk: Breaking the trend line may lead to range-bound volatility

However, Gola also reminded that if DOGE falls below the upper trend line of the symmetrical triangle, it is likely to continue the trend of range oscillation.

Gola predicts that if the DOGE coin further pulls back, it may fall to the range of 0.09 to 0.07 USD, which happens to be the convergence point of the 50-week Exponential Moving Average (EMA) and the trend line below the symmetrical triangle.

Trump's election could be the biggest boost

The results of the US election will also affect the future trend of DOGE. Gola believes that if Trump is successfully elected, the effect of pushing DOGE up may be more pronounced.

Elon Musk's 'D.O.G.E.' project has sparked market speculation, strengthening the meme effect of DOGE. This situation is similar to Musk frequently tweeting about DOGE during the last bull market and self-proclaiming as the 'Dogefather', leading to a big pump of 64,000% for DOGE.

Block chain prediction market Polymarket's data shows that the current probability of Trump's election is 61.4%, higher than the current Vice President Harris's 38.8%. However, other mainstream polls (538, RealClearPolitics) show that the support between the two is only about 1% apart, indicating that the election seems quite close.

【Disclaimer】The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at your own risk.