Dogecoin continues to show positive momentum, increasing its value by 10% over the past 24 hours. This trend has led many analysts to predict an imminent price breakout.

Current Market Situation of Dogecoin

According to analysts, Dogecoin is breaking out of a falling wedge, which could indicate a forthcoming breakout. The coin is trading at $0.1334 with a market cap of $19.5 billion and a 24-hour trading volume of $2.2 billion.

Impact of Elon Musk and Donald Trump

Elon Musk's recent speech at Trump's rally in Pennsylvania, mentioning the Department of Government Efficiency (D.O.G.E.), resonated in the crypto market, propelling Dogecoin's rise.

Reasons Behind Dogecoin's Rise and Market Behavior

Overall bullish momentum in the crypto market, along with the so-called Uptober effect, contributes to Dogecoin's growth. Analysts also highlight significant inflows from whale transactions and increasing open interest in $DOGE.

Ongoing interest from large investors and recent events surrounding Elon Musk support Dogecoin's further growth. Analysts expect the coin to show more significant results in the near future.