- Dogecoin rises 11% after Musk mentions “D.O.G.E.” at a Trump rally, aligning with its ticker.
- Technical analysis shows a “golden cross” formation, signaling bullish momentum for Dogecoin.
- Sustained support above $0.141 could position DOGE for further gains through November.
Dogecoin has surged following Elon Musk’s mention of “D.O.G.E.” in his plan for a “Department of Government Efficiency,” revealed at a recent Donald Trump rally in New York. The acronym’s alignment with Dogecoin’s ticker fueled strong buying interest, propelling DOGE up approximately 11% to $0.157 on Oct. 28.
Source: PBS News Hour on YouTube
Musk’s Comment Spurs Dogecoin Demand
Investors quickly interpreted Musk’s plan as a nod to Dogecoin, reminiscent of similar rallies ignited by his previous DOGE-related remarks. Known for his influence on Dogecoin, Musk’s comments have often driven price hikes, with one earlier this month boosting DOGE’s momentum.
The DOGE/USD chart reveals a recent “golden cross” pattern, where Dogecoin’s 50-day moving average crossed above its 200-day moving average on Oct. 25. Such formations are viewed as positive signs, suggesting a possible trend shift.
Dogecoin Holds Key Support, Eyes November Gains
Now stabilizing above the $0.141 level, Dogecoin could see further gains if it maintains support, with traders setting sights on potential targets of $0.156 and $0.171 in November. However, a slip below this level could push prices toward $0.122, reinforcing the importance of holding the current range to sustain momentum.
Dogecoin’s latest rally underscores its unique position as a memecoin tied to Musk’s market influence and continues to draw retail traders amid evolving technical and sentiment-driven indicators.
