As Musk showed great interest in the US election and supported Trump, the father of Dogecoin is back in the game.

The sentiment is very evident as Musk’s recent town hall meeting received more views than Harris’s live rally. With the founder of Dogecoin in the news, the price and sentiment of Dogecoin soared, and social media activity related to Dogecoin also reached a peak. With the biggest meme coin regaining popularity, should you consider buying DOGE before the next bull run? Let’s find out.

Musk's influence remains strong

Meanwhile, it’s impossible not to mention Elon Musk when discussing Dogecoin. The billionaire publicly supported Dogecoin earlier this year, calling it “the people’s cryptocurrency,” which caused its price to rise significantly.

It can be observed that on several occasions, whenever Musk publicly expressed his support for the cryptocurrency, the price of Dogecoin surged by more than 50% within a short period of time. Therefore, it is clear how much power he has in influencing the price of the coin.

Dogecoin’s large user base, coupled with Musk’s endorsement, has enabled the coin to regularly compete with significant altcoins. This puts Dogecoin in a compelling position, somewhere between a meme and a solid cryptocurrency with lasting promise.

Dogecoin price performance

On the daily chart, Dogecoin (DOGE) price action shows 8 bullish candles, accounting for 24.57%. The bull run started with a double bottom reversal and a post-retest of a falling wedge breakout.

From the recent low of $0.08049 set on August 5, the Dogecoin price has risen by 62.64% in 3 months. Moreover, it has surpassed the previous high of $0.1282, completing a rounding bottom reversal.

Technical indicators:

MACD: Increasing trend momentum has resulted in a positive crossover of the MACD signal line, accompanied by a positive histogram surge.

EMA: The increasing bullish influence has caused the 50-day EMA to rise. This increases the possibility of a golden cross.

Therefore, the technical indicators support the possibility of a bullish trend in the Dogecoin (DOGE) price.

Dogecoin Social Events

Doge is making a splash on all major social media platforms. And as the bull run gradually gains momentum, the largest meme coin DOGE is back in action. With a market cap of nearly $20 billion, DOGE has gained more than 9% in the past 24 hours, and is currently trading at $0.1348.

Meanwhile, social activity across major platforms has seen significant breakthroughs, with DOGE coin’s social activity surging to its highest level in the past 12 months and the price approaching a 3-month high. Social dominance increased by 1.55%, with the number of creators surging by 2.59 million in the past 24 hours. However, market sentiment for Dogecoin has dropped by 10% and currently stands at 84%, which is very bullish.

How high can Dogecoin go?

According to the Fibonacci levels, the uptrend has surpassed the 23.60% and 38.20% Fibonacci levels. However, the memecoin faced resistance near $0.14, which resulted in a long intraday candlestick pattern.

This calls into question the possibility of bullish dominance above the 38.20% Fibonacci level. However, the uptrend predicts the next target to be at the 50% level, which is $0.14404.

If the uptrend continues as the broader market recovers, the price of Dogecoin (DOGE) could break above the 50% level and reach 67.80% or 78.60%, which would be $0.1591 or $0.1835. Conversely, key supports are located at $0.1151 and the psychological level of $0.10.