Can Dogecoin Price Double Amid Musk-Swift Spat?

Dogecoin price has been displaying bullish trends lately despite the entire market struggling to get back on its feet, and many are wondering how soon Bitcoin price could resume its rally. This comes amid a high-profile social media exchange between Elon Musk and Taylor Swift has sparked renewed speculation.

Meanwhile, the much anticipated Trump-Harris debate was an anti-climatic event for the crypto community as the duo skipped crypto talks. The effect was a general market slump that also affected Dogecoin. Nevertheless, investors remain optimistic as DOGE price hints at the potential to surge by 113% over the coming days, but there’s a catch.

Elon Musk Swift Spat Impact on Dogecoin Price

The recent online exchange between Elon Musk and Taylor Swift has ignited fresh interest in Dogecoin. Musk, known for his influence on market trends, responded on X (formerly Twitter) to Swift’s Instagram post endorsing Kamala Harris for U.S. President. Swift’s post, featuring her cat with the caption “childless cat lady” in a jab at J.D. Vance quickly went viral.

Fine Taylor … you win … I will give you a child and guard your cats with my life

— Elon Musk (@elonmusk) September 11, 2024

Musk, a vocal Trump supporter, has previously called for a government efficiency commission, humorously abbreviated as “DOGE.” Given his social media antics’ past impact on Dogecoin price, many investors are now wondering if this high-profile interaction could trigger significant gains for the meme coin. 

DOGE price has dropped 3.2% in the last 24 hours and is trading at $0.1004. 

DOGE Price Retest Could Launch a 6% Drawdown

While the long-term projection is bullish for Dogecoin, in the short term, there is a chance that the price will drop 6% to $0.092 before shooting for higher levels. On the 4-hour chart, Dogecoin price trended inside a falling channel and had an aggressive breakout on September 10. Technically, breakout confirmations are usually accompanied by retests; otherwise, they risk becoming fake-outs.

This sentiment, further echoed by the data from Coinglass, shows an imbalance between the DOGE Longs and Shorts. On the daily timeframe, there is an overwhelming amount of Shorts, which means the market is overall bearish on that timeframe, expecting the price to drop lower,

However, the weekly timeframe shows there are more Longs than Shorts, the imbalance suggesting that bullish sentiment is dominating the market since traders expect the Dogecoin price to rise in the long term. 

The Dogecoin price is in a falling wedge pattern on the daily time frame, commonly known for resolving to the upside. The pattern has spanned six months, meaning the breakout could be significant, potentially larger than the anticipated 113% increase.

DOGE price will likely experience resistance around $0.115 and $0.138 on its way up. Beyond that, Dogecoin may target $0.17 and eventually $0.21 before surging to new yearly highs.

On the flip side, if bears prevail, Dogecoin price prediction shows the meme coin might lose the current support at $0.092 and drop lower to test $0.08 and $0.07 supports.