Dogecoin (DOGE) has displayed quite a stellar performance in October 2024. Despite a 0.5% correction in the daily charts, the asset is up 4.8% in the weekly charts, 3.2% in the 14-day charts, and nearly 40% over the previous month. DOGE’s price has also rallied by 120.8% since November 2023.
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Why Did Dogecoin (DOGE) Rally In October?
October has historically been a bullish month for the crypto market, and this year, the historical trend was intact. Bitcoin (BTC) displayed an incredible rally by the end of last month, reclaiming the $73,000 level for the first time since March 2024. Despite reaching $73,000, BTC did not surpass its all-time high of $73,737. BTC’s rally may have pushed DOGE’s price.
One of the most significant reasons for DOGE’s rally is Elon Musk’s plan to launch a Department of Government Efficiency under Donald Trump’s leadership. The new department could be shortened to DOGE. Analysts anticipate a market-wide rally if Trump wins the upcoming election.
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The Memecoin Could Rally 33% To $0.20
According to prominent cryptocurrency analyst Ali Martinez, Dogecoin (DOGE) could surge to $0.20 if the memecoin can break above the $0.169 barrier. Hitting $0.20 from current price levels will translate to a rally of about 33.3%.
CoinCodex analysts, on the other hand, present a somewhat bearish outlook for DOGE. The platform anticipates the memecoin to face a correction over the next few weeks, falling to $0.128 on Nov. 27, 2024. Sliding to $0.128 from current levels will entail a dip of about 14.6%.
Changelly’s analysis shows that DOGE could face a consolidation around its current levels. The platform predicts that the memecoin will trade at a maximum price of $0.15 in November, which is close to its current price.
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DOGE could witness a sudden price rally over the next few days if Donald Trump emerges as champion of the upcoming US Presidential election. How the memecoin performs in November is yet to be seen.
