Doge jumps as BTC rallies—Elon Musk nods to DOGE at event!

 
Ritu Lavania
Written By 
Ritu Lavania
October 18, 2024

Popular memecoin, Dogecoin(DOGE) seems to be riding high on green candles, as it continues its rally with over 7% jump, following the surge of Bitcoin(BTC) and Elon Musk’s latest indirect reference of DOGE at a rally to Presidential candidate Donald Trump.

Market analysts believe Dogecoin is testing a key weak high, with strong buyer momentum and multiple Breaks of Structure (BOS) signaling a potential breakout. With a solid around 16-17B, a push past resistance could send the most popular memecoin flying beyond 19B!

Another analyst noted the similarity between Bitcoin’s run and that of DOGE. X and trader, @Bluntz_Capital pointed out the pattern saying that since inception, $DOGE “always runs the hardest and most vertically, right towards the end of the cycle after btc is usually already trading at ATH”.

The prediction does try to indicate that the rally would not halt easily even as DOGE is already trading at $0.1327 and BTC is trading at $67,782, at the time of writing.

Courtesy: Coinmarketcap

The jump in Dogecoin also follows Elon Musk’s recent indirect reference to the Department of Government Efficiency or as he called it “DOGE” during a town hall in Pennsylvania, where he expressed for the GOP presidential candidate Donald Trump. As soon as degens heard the term DOGE, the market showed an adrenaline rush and Dogecoin spiked over 8% in the last 24 hours, extending a bullish trajectory that saw DOGE gaining around 26% over the week.

Explaining how the Department of Government Efficiency (DOGE) will give power back to the people, Musk said, “They seem to forget the money being spent is YOUR MONEY and if it’s not being spent in a way that’s beneficial to the American people, it’s a misuse of funds.”

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. ionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.