Dogecoin (DOGE) continues to garner attention across the crypto market after outperforming all the top ten largest cryptocurrencies by market capitalization with a 167% monthly gain. Dogecoin’s rally could start, with one analyst on X predicting an upcoming all-time high.
According to Ali Charts on X, the largest meme coin by market cap appeared to be breaking out of a bull flag. Once this breakout happens, DOGE could rally 120% towards an ATH.
“DOGE is breaking out of a bull flag, which anticipates a 120% rally to $0.82 as long as the $0.37 support holds,” the analyst stated.
His prediction comes as bullish sentiment around Dogecoin spiked yet again. DOGE traded at $0.385 at press time after a 3% gain in 24 hours. Trading volumes had also increased by more than 29% per CoinMarketCap.
On the Binance exchange, 73% of traders with open positions on Dogecoin were going long. This shows that traders are betting on Dogecoin’s uptrend more than short sellers are betting on a price decline.
One factor that could fuel the bullish narrative around Dogecoin is Tesla CEO Elon Musk’s continued mention of the token.
Elon Musk Revives “Dogefather” Title
Musk has reiterated that he is the “Dogefather” in a recent post on X. The billionaire first assumed this name in 2021 during a Saturday Night Live (SNL) show, after which the price of DOGE rallied to an ATH of $0.73. At its current price, DOGE is 47% shy of this record high.
Musk’s recent post is in response to his recent appointment by US President-Elect Donald Trump as a co-leader of the Department of Government Efficiency (D.O.G.E) alongside Vivek Ramaswamy.
In a statement, Trump stated that Musk and Ramaswamy would abolish government bureaucracy, monitor government expenditure, control regulations, and restructure federal government agencies through this agency.
“Republican politicians have dreamed about the objectives of “DOGE” for a very long time,” Trump’s statement read. Before the November 5 elections, Trump vowed to be pro-crypto and embrace regulation to help the US crypto industry thrive.
Trump’s pro-crypto stance and the acronym of this government department have largely been attributed to Dogecoin’s recent positive performance. Moreover, apart from DOGE, other dog-themed meme coins have also rallied. Shiba Inu (SHIB) is up 14% in two weeks, while FLOKI (FLOKI) has gained by 99%.