Can Dogecoin Price Hit $10 As Elon Musk Signals Truce With Trump?

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Billionaire Elon Musk's Hint at Trump Truce Sparks Dogecoin Speculation

Elon Musk, known to some as the “DOGE Father,” has publicly hinted at a possible reconciliation with Donald Trump, an event that has captured market attention. This comes as Dogecoin (DOGE) experienced a price increase, briefly surpassing the $0.20 resistance level before retracing slightly. Consequently, this situation has fueled speculation about a potential breakout for the prominent meme coin.

DOGE Father's Reconciliation Suggestion: Will Dogecoin Price React?

Elon Musk recently posted on X (formerly Twitter), addressing his earlier remarks regarding 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 X post rapidly gained traction, accumulating significant engagement within hours. Musk's acknowledgement follows a period of apparent online tension between the two figures, marked by widely circulated critical posts from Musk.

The timing of this tweet is particularly noteworthy, coinciding with increased focus on cryptocurrency markets, especially Dogecoin. Musk has been a vocal supporter of Dogecoin for years, hence the "DOGE Father" moniker.

Dogecoin Volume Data Suggests Gradual Accumulation

On-chain analytics from CryptoQuant indicate that Dogecoin's recent price bottom aligned with a cooling phase in spot trading volume. A volume analysis indicated positive signals, suggesting that accumulation occurred at relatively moderate trading levels. These conditions can often precede price movements, as more holders become exposed when market activity is still subdued.

Historically, comparable cooling periods have preceded upward trends in Dogecoin's price. In past market cycles, accumulation during these phases laid the groundwork for subsequent rallies. While current market conditions differ from those of previous periods, the overall structure suggests a potential base formation, which could provide additional price support in the coming months.

Dogecoin Price Action: Retail Interest Remains Subdued

Despite Dogecoin's recent price increase, data suggests that retail investor interest remains limited. A CryptoQuant chart tracking trading frequency by retail-sized accounts showed few instances of high activity, which have historically signaled increased retail participation. The absence of these indicators suggests that individual investors have yet to re-enter the market in significant numbers.

Historically, Dogecoin price rallies have often been characterized by a surge in trading frequency among smaller investors, frequently coinciding with media attention and substantial transaction volumes. However, current conditions suggest that the recent price movement may be driven more by institutional or long-term holders, rather than retail-driven speculation. This situation remains subject to change if retail interest returns later in the cycle.

Technical Pattern Hints at Potential Dogecoin Bull Cycle

Chart analysis shared by Trader Tardigrade highlights a potential new bullish phase in Dogecoin's price cycles. The monthly DOGE/USD chart reveals a recurring pattern of consolidation followed by periods of rapid price expansion.

Similar structures were observed prior to the two previous major rallies. Each cycle began with symmetrical triangle formations and subsequent breakouts, followed by rapid upward price movements.

Based on this pattern, Dogecoin's price may currently be in what is being termed "Cycle 3." If price action continues along a similar trajectory, a longer-term target of $10 could be possible. While speculative, the consistency of past patterns lends some weight to this forecast. The current indicators on the chart resemble those that preceded earlier breakouts, aligning with broader market support for a potential new phase of growth.

At the time of writing, Dogecoin was trading at $0.2008, up 1.97% over the past 24 hours. It recovered from lows of $0.195 and reached intraday resistance near $0.202 before experiencing a slight pullback.