Will Dogecoin Price Breakout to $2 Despite Elon Musk’s White House Exit?

Key Insights:

• Despite the DOGE Father’s exit from the White House, D.O.G.E. is central to the effort to make Social Security a ‘digital-first organization
• Dogecoin price has historically reached the 1.618 Fibonacci level in each of its previous bull cycles, and it now targets $2.28.
• Analysts highlight a recurring breakout pattern on Dogecoin price 4-hour chart, suggesting bullish momentum.

Dogecoin (DOGE) price is seeing an increase in attention over the last week. As agencies in the federal government turn to upgrading, interest in DOGE path forward remains strong.

D.O.G.E. Remains Key in Social Security Administration (SSA)

Notably, the Social Security Administration (SSA) has confirmed that the Department of Government Efficiency (D.O.G.E.) will be a part of its digital modernization strategy. Dogecoin price is relevant in these developments. Elon Musk, often referred to as the Dogecoin (DOGE) Father, has officially exited his role within the D.O.G.E. initiative.

D.O.G.E., while a federal administrative unit focused on improving operational efficiency, has drawn attention due to its acronym’s direct link to Dogecoin’s ticker symbol (DOGE). This has led to speculation about the meme coin’s symbolic and functional inclusion in the agency’s broader digital agenda.

Musk’s presence played a central role in amplifying that association. His backing of Dogecoin frequently shaped how the cryptocurrency performed. His take on D.O.G.E. brought more attention to the meme coin.

Although Musk is no longer part of the D.O.G.E. program, the SSA leadership has emphasized the move toward a “digital-first organization,”. The initiative represents a shift from traditional frameworks to decentralized protocols.

Dogecoin Price Targets the $2.28 Mark

Historically, Dogecoin price tends to drop and then rally around important Fibonacci extensions. Javon Marks, a technical analyst, noticed that DOGE went above the 1.618 Fibonacci level during its past bull markets. This target, now estimated around $2.28, is once again under review by market watchers.

Furthermore, this projection is based on chart structures where DOGE followed a steady upward path, often retracing before surging. The consistency of the coin hitting these technical levels across multiple cycles has renewed attention from market analysts. The $2.28 target is derived from prior peak levels adjusted with Fibonacci multipliers, tools often used to forecast possible price extensions

DOGE Re-Enters Familiar Consolidation Zone

More so, the recent movements suggested Dogecoin price has revisited the consolidation range it was in during the previous uptrends. Often, this pattern forms a holding area before a breakout in DOGE price.

Additionally, chart patterns from earlier cycles show that DOGE typically consolidates within a defined price band before resuming an upward trend. The re-entry into this band suggests the possibility of a price build-up. Analysts and traders often monitor such zones closely, as they may serve as launch points when volume and sentiment shift in alignment.

Furthermore, trading volume is starting to grow, helping push prices up and out of their present boundaries. Should the coin stay on its present path and avoid big drops, it could be setting up for another large move in line with its past behavior.

Dogecoin Price Recurring Breakout Pattern on H4 Chart

On the 4-hour chart, analyst Trader Tardigrade observed a recurring pattern that mirrors previous breakout formations. These patterns are identified by a series of price compressions followed by impulsive upward moves. The similarity between current and past formations has caught the attention of Tardigrade.

Moreover, comparing visual charts revealed that DOGE price typically rises, dips, levels out, and breaks out beyond that range. Currently, DOGE follows the structure as it is emerging from a recent period of consolidation. Historically, such a trail could result in further gains.

At the time of writing, Dogecoin price traded at $0.1948, showing a 4.32% daily gain while holding above key support and targeting the $0.2050 resistance zone.

The post Will Dogecoin Price Breakout to $2 Despite Elon Musk’s White House Exit? appeared first on The Coin Republic.