Dogecoin Eyes Major Breakout Amid Musks Rising Influence in Washington
- Dogecoin breaks out of a descending triangle, signaling bullish potential.
- Price targets are set at $0.70 for the mid-term and $3.00 for the long-term.
- Musks government role may pave the way for broader crypto adoption.
Dogecoin is making waves after Elon Musks appointment to lead a new Department of Government Efficiency under President-elect Donald Trump. The announcement has sparked optimism among DOGE holders as many believe that Musks influence in Washington could potentially benefit the cryptocurrency sector.
The proponents of the meme coin suggest that Musks involvement in government may indirectly create favorable conditions for crypto adoption, especially if his companies start spearheading the adoption of Dogecoin or other cryptocurrencies.
Moreover, rumors are circulating about potential Dogecoin ETF or other financial products that could emerge, enhancing liquidity and mainstream access. Musks role could bolster his long-standing advocacy for the cryptocurrency, especially DOGE, which he has humorously championed on social media. As regulatory scrutiny intensifies, DOGEs community views Musk as a possible ally who could advocate for favorable crypto policies.
Dogecoin Price Targets
Following the announcement, the technical analysis suggests a bullish pattern that could drive DOGE to new heights in the coming months. The token is back in the spotlight as it flirts with a significant price breakout.
As seen in the chart, Dogecoin is on the cusp of a major breakout from a prolonged descending triangle pattern, a typically bearish setup that has transformed into an upward trend. Historically, DOGE has followed this pattern in previous cycles, where breaking out of the descending resistance has led to substantial price gains. Analysts are targeting a mid-term price of $0.70 and a long-term projection of $3.00, provided the current momentum holds.
Elon loves Doge. The growth potential of this asset is growing with Mask power. Expect at least a $DOGE payment in all of Elons companies, at most, an ETF. After the descending triangle breakout, looking at targets at $0.70 medium-term, and $3.00 long-term.
Read more: https://www.tronweekly.com/dogecoin-musk-influence-washington/
Text source: TronWeekly
