Can Dogecoin reach 10 dollars when Elon Musk signals a ceasefire with Trump?

Billionaire Elon Musk, self-proclaimed "Father of DOGE", has publicly hinted at a ceasefire agreement with Donald Trump, drawing attention from the market. At the same time, the price of Dogecoin (DOGE) rose higher, surpassing the resistance level of $0.2 before slightly falling back. As a result, this has sparked speculation in the market about the potential breakthrough of the leading meme coin. The father of DOGE hints at reconciliation with Trump, how will the price of Dogecoin react? Elon Musk posted a statement on X (formerly known as Twitter) to address his previous comments about former U.S. President Donald Trump. In his post, Musk stated: "I regret some of my posts about President Donald Trump last week. They went too far." The post on X quickly drew attention, with many likes and millions of views recorded within the first few hours. In addition, Musk's acknowledgment came after a period of online disagreement between the two public figures. Musk's critical posts were widely circulated. Notably, the timing of the tweet coincides with the increasing attention the cryptocurrency market is receiving, particularly regarding the price of Dogecoin. Musk has publicly supported this meme coin for many years, being dubbed the father of DOGE. It is important to note that Elon Musk led the Government Efficiency Department (DOGE) under the Trump administration for a few months before resigning. The abbreviation of this agency is similar to the abbreviation of the meme coin, hence it has such an impact. Dogecoin volume data shows that accumulation is starting to fall. Meanwhile, analysis from CryptoQuant shows that the recent bottom price of Dogecoin coincides with the cooling period of spot trading volume. The bubble volume map shows green signs, implying that accumulation activity is occurring at a not too high transaction level. These conditions are often precursors to price actions when many holders become more vulnerable as the market remains cautious.

In the past, similar cooling phases have signaled the beginning of previous uptrends in Dogecoin prices. In previous cycles, accumulation at such phases has facilitated future price increases. Although market conditions are not like previous phases, the structure indicates that a base may be developing. This could provide price action with additional support in the coming months. Dogecoin price action However, although the price of Dogecoin has recently increased, data shows that retail investor interest is very small. Another CryptoQuant chart tracking the trading frequency of retail accounts shows some red zones, which previously indicated an increase in retail activity. The lack of these indicators implies that individual investors have not yet re-entered the market in large numbers.

Moreover, previous price increases of Dogecoin were often marked by a sudden spike in trading frequency among small investors. Such periods typically coincide with the enthusiasm amplified by the media and large trading volumes. However, the current conditions suggest that this move may be driven by institutions or long-term holders, rather than by speculative activity from retail investors. This situation could continue to evolve if retail demand returns towards the end of the cycle. The technical chart indicates a price increase cycle of DOGE. Moreover, the chart analysis shared by Trader Tardigrade outlines a potential new bullish phase in the Dogecoin price cycle. The monthly DOGE/USD chart shows a recurring consolidation pattern followed by a vertical price expansion.

Additionally, similar structures have emerged before the two previous major price increases. Each of those cycles began with symmetrical triangles and breakouts, followed by rapid upward movements. Based on this model, the price of Dogecoin may currently be in a phase called "Cycle 3." If the price continues to move in this direction, the long-term target could reach 10 dollars. Although speculative, the consistency of past patterns provides reliability for forecasts. The green indicators currently seen on the chart resemble the indicators before previous breakout phases, aligning with the broad market support for a new growth period. At the time the press reported, the price of Dogecoin was trading at $0.2008, up 1.97% in 24 hours. It has recovered from a low of $0.195 and reached a daily resistance level near $0.202 before a slight fall.