Dogecoin (DOGE) is currently the second-best performing cryptocurrency in the weekly charts among the top 100 projects by market cap. The original meme coin has rallied 2.9% in the last 24 hours, 32.6% in the weekly charts, 27.3% in the 14-day charts, 38.4% over the previous month, and nearly 144% since October 2023.

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Factors Driving Dogecoin’s Rally

Why Is Dogecoin Rallying?

The cryptocurrency market seems to be rebounding from the dip earlier this month. Bitcoin (BTC) is inching closer to the $70,000 mark. Other assets are also in the green zone, following the historical trend of a bullish October.

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DOGE’s latest rally could be due to Elon Musk’s town hall appearance on Oct. 17, supporting Donald Trump in his Presidential race. Musk also desires to open a Department of Governmental Efficiency, aka DOGE.

Many analysts anticipate a market-wide rally if Trump wins the 224 elections. With Musk being one of Trump’s most significant supporters, investors may expect a Dogecoin rally, given that Trump wins.

Will The Memecoin Hit $0.20?

CoinCodex analysts do not expect DOGE to continue its upward momentum. The platform predicts the asset to face a correction over the next few days, dipping to $0.123 on Oct. 31, 2024. Hitting $0.123 from current price levels will translate to a dip of about 16.89%.

Changelly analysts present an even more bearish outcome for DOGE. The platform predicts DOGE will trade at $0.104 on Oct. 31, 2024. Hitting $0.104 from current price levels will translate to a drop of about 29.7%.

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Given that the US presidential elections are nearing, Dogecoin (DOGE) may continue its rally. Investors may begin taking positions on a Trump victory, leading to DOGE maintaining its growth.